DeFi App Celsius Partners With Simplex to Integrate Fiat Onramp To Buy Crypto Direct


The UK-based crypto lending firm Celsius Network has just closed a partnership with Simplex so that it can offer in-app crypto purchases, an announcement from February 18 says.

More and more crypto business from all over the world are trying to integrate into their operations the fiat onramp options for their customers to jump into crypto more easily. Simplex is very popular for being a fiat-to-crypto payments provider, especially since it services exchanges like Binance and now it will unlock direct crypto purchases for the users of the Celsius app.

Celsius Clients Will Be Able to Buy BTC and ETH via Credit or Debit Cards

The partnership enables Celsius clients to buy cryptocurrencies such as the Bitcoin (BTC) or the Ether (ETH) just by using their credit or debit cards. Just like other fiat onramps powered by Simplex, the feature supports payments made with via Visa and Mastercard.

Aside from making in-app crypto purchases possible, the partnership will greatly cut the costs of unloading BTC on the Celsius platform. This means transaction fees will be reduced by 50% and the credit or debit card crypto purchases will only charge 3.5%.

The US Dollar Accepted as the Only Currency

When it will be launched, the Celsius platform will accept only the US dollar as a new payment option, says a Celsius spokesperson. More than this, the monthly crypto purchases will have to remain at under $20,000. Simplex was founded back in 2014 as a crypto-enabled payment processor. On February 14, it has unlocked another 15 fiat currencies for Visa and Mastercard payments on Binance.

In the past, Simplex was also providing its services to OKCoin and KuCoin. The Celsius Network reached at the end of 2019 the total crypt loan origination of $4.25 billion.

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