Celsius Network has partnered with Simplex, the fiat-to-crypto payments provider, to enable its users to buy more crypto with credit and debit cards.
On May 28, it has been reported that Celsius now allows its users to purchase gold-backed stablecoin Tether Gold (XAUT) by using debit and credit cards, as Celsius said that the minimum purchase amount for XAUT is $50, while the annual interest rate accounts for 4%.
However, alongside Tether Gold, the new integration with Simplex also unlocks credit and debit card purchases for the firm’s native token, Celsius (CEL).
Celsius Network now allows customers to buy Tether Gold with credit and debit cards with an annual interest rate of 4% https://t.co/tMQKNX9hm8 — Cointelegraph (@Cointelegraph) May 28, 2020
According to the firm, Celsius users can earn interest in CEL on 25 different virtual cryptocurrencies at a rate of up to 30%.
It has been analyzed that the new feature comes shortly after Celsius first listed Tether Gold on its mobile app, as on May 5, Celsius rolled out XAUT for depositing on the Celsius app by allowing users to earn 3% of the annual percentage yield.
Apparently, Celsius is one of few global companies that offer to earn interest on Tether Gold deposits through credit and debit card purchases.
Thrilled to enable debit & credit card onramp for Tether Gold and CEL on @CelsiusNetwork and increase users' accessibility to more assets 🚀https://t.co/QuuzK5LBLw pic.twitter.com/0Dsb3ycrkV — Simplex (@SimplexCC) May 28, 2020
As per the report, Tether Gold and CEL are not the only cryptocurrencies that can be bought through credit and debit cards on the Celsius network.
In February 2020, Celsius launched in-app crypto purchases through a partnership with Simplex by unlocking Bitcoin (BTC) and Ether (ETH) via credit or debit cards.
Thus, similar to other Simplex integrations with major crypto firms like Binance and Huobi, the feature supports credit card issuers, including Visa and MasterCard.
Source: Cointelegraph | Image: ElectronicsB2B