UK based DeFi cryptocurrency lending firm Celsius Network has announced a partnership with the fiat-to-crypto payment platform Simplex.
The partnership is aimed at facilitating direct in-app crypto purchases with credit cards. This is according to a Twitter post by Simplex on Tuesday, February 18, 2020.
— Simplex (@SimplexCC) February 18, 2020
Using Simplex as a facilitator, the DeFi lending platform will offer Bitcoin purchasing services. Simply put, users will now be able to buy, sell and save crypto using the Celsius mobile app. The platform claims its fees will be 50 percent less than that of other exchanges offering the same service.
Further adding that the fiat-to-crypto feature will attract a zero service charge excluding the 3.5 percent fee charged by the credit card companies.
CEO of Celsius Network, Alex Mashinsky pointed out that “Members can now earn, borrow, buy, and save crypto seamlessly inside the Celsius app”. This time with unlimited access to their funds at all times.
Still speaking on the partnership, Mashinsky further disclosed that this partnership with simplex has propelled the startup to unexpected height. Earning it the title of being the “leading one-stop-shop for crypto HODLers”.
The US Dollar will currently be the only acceptable fiat currency for now on Celsius. And at a monthly purchase limit of $20,000.
More on Simplex
It also partnered with Binance to enable users to purchase crypto with several fiat currencies including the British Pounds and Australian Dollar.
Nimrod Lehavi stated that being able to choose from a wide range of fiat currency makes purchasing crypto much easier. Lehavi is the CEO of Simplex.
Cryptocurrency based firms all over the world are incorporating fiat-to-crypto ramps. This is definitely good news for the crypto space, as it will generally drive crypto adoption. Making people more inclined to try out cryptocurrency.
Altcoin Buzz previously reported that crypto loans are becoming a trend. Celsius has made claims to have reached $4.25 billion in total crypto loans. Litecoin Foundation also started lending out funds on the Celsius Network.