Cryptocurrency lending startup Celsius Network has just rolled out the ability to purchase crypto with fiat directly, thanks to a newly announced partnership with Simplex. This means that you can now purchase your BTC from a United States dollar exchange in their local currency.
How does it work?
Simply put, you can set up a fiat account and then “add credit” to the account. If you have a USD Wallet linked to the Simplex app, you can then pay through the digital card.
Just download Simplex, log into the Simplex Dashboard (the log in is free), and go to the Virtual Money section. (You don’t need an account to use Simplex.) In the virtual money section, you’ll see a section titled “Digital Money” and then links to fill out the form.
How does this impact Celsius users?
Celsius users can now buy popular cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) directly using US Dollars deposited through the Visa or Mastercard networks.
By bringing instant and cheap Bitcoin-to-Visa and Mastercard (merchandise) transactions to their platform, Celsius hopes to open up a huge new market for Bitcoin – with users from around the world. However, one potential setback for international users is that USD is currently the only accepted fiat currency.
This comes during a time in which virtual currency is under attack by governments, politicians, and governments-lobbyists alike. However, beyond the United States and China, governments are not always so cold to Bitcoin and other virtual currencies.
India recently did a few things that clearly demonstrate that the Indian government is not afraid of Bitcoin and other virtual currencies. In December, India’s central bank removed the tax on Bitcoin transactions, which resulted in new Bitcoin investments increasing 250% in the first week of December.
The “Fiat Fee”
Besides providing its users with a direct fiat on-ramp, Celsius’s new partnership will also cut down on the cost of unloading Bitcoin on the platform. Transaction fees will be slashed by more than 50%, allowing for crypto purchases with credit and debit cards for a mere 3.5% fee.
This year, Celsius has worked closely with Simplex to give more people access to bitcoin. Only time will tell if this collaboration will be successful, but hopefully it will prove to be a stepping stone towards other integration efforts as well.
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