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Earn Bitcoin interest! Lending platform Celsius partners with payment company for one-stop coin purchase and lending.

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Earn Bitcoin interest! Lending platform Celsius partners with payment company for one-stop coin purchase and lending.

According to reports, the UK-based cryptocurrency lending startup Celsius Network has partnered with payment processing company Simplex. In the future, users will be able to directly purchase cryptocurrencies with fiat currency through their app.

Celsius Network Expands Fiat Channels

Global cryptocurrency service providers are actively expanding fiat currency channels and integrating them into their businesses to make it easier for customers to enter the cryptocurrency space. Simplex, a EU-licensed fintech company, offers fiat payment processing services globally and is currently providing fiat payment channels for major cryptocurrency exchanges like Binance.

Cryptocurrency lending platform Celsius Network announced yesterday its integration with Simplex, introducing a new feature for its app users to purchase cryptocurrencies using fiat currencies.

Celsius Network platform users will now be able to purchase cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) on the platform using credit or debit cards, with support from major global credit card issuers including Visa and Mastercard.

Initially Supporting Only USD

In addition to offering cryptocurrency purchase functionality for Celsius users, the new partnership will significantly reduce the cost of purchasing Bitcoin. According to Celsius, the fee for purchasing cryptocurrencies with a credit card is 3.5%, but the platform did not specify how the exchange rate between Bitcoin and USD is calculated. Furthermore, Celsius will initially only accept USD, and the monthly cryptocurrency purchase amount will be limited to $20,000. As of the deadline, Celsius platform has approximately $500 million in assets under management and has distributed $11.31 million in interest over the past year.

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