In-App Crypto Purchases Are Here
The cryptocurrency world is evolving at lightning speed, and it seems like everyone is trying to make it easier for the average Joe to dip their toes into the digital currency pool. The latest announcement comes from the UK-based lending startup, Celsius Network, which has partnered with Simplex to roll out in-app crypto purchases.
What Does This Mean for Users?
Thanks to this partnership, users of the Celsius app can now buy cryptocurrencies like Bitcoin (BTC) and Ether (ETH) directly through their credit or debit cards. No more jumping through hoops or visiting multiple platforms; just a few taps on your smartphone and you’re in the crypto game!
Major Card Support
Credit card enthusiasts rejoice! Celsius and Simplex allow purchases using major card issuers such as Visa and Mastercard, making this a convenient option for customers eager to enter the crypto space.
Saving Big on Transaction Fees
One of the standout features of this new partnership is the substantial reduction in transaction fees. Cryptocurrency purchases through credit cards will now come with a reduced fee of 3.5%, down from previous figures—possibly saving users a pretty penny if they’re looking to make large purchases.
Dollar Only, For Now
It’s important to note that at the launch, the only fiat currency supporting these purchases is the U.S. dollar. So if you’ve got something other than USD burning a hole in your pocket, you might need to wait a little longer. Plus, there’s a monthly limit of $20,000 for crypto purchases to keep things regulated.
A Bright Future for Simplex
Founded in 2014, Simplex has been carving out a significant niche for itself as a major player in crypto payment processing. Its services aren’t just limited to Celsius; it also powers fiat purchases for platforms like Binance and OKCoin, among others. With 15 new fiat currency options available, the reach of Simplex continues to grow.
Celsius’s Impressive Growth
On a related note, Celsius has been seeing impressive growth, with total crypto loan origination reaching a hefty $4.25 billion back in late 2019. This partnership could very well accelerate their journey into becoming a household name in the blockchain lending space.
