Celsius Network, a crypto lending service, today announced that customers can buy Bitcoin directly within its mobile app using credit cards. It claims this undercuts competitor fees by 50 percent.
“Members can now earn, borrow, buy, and save crypto seamlessly inside the Celsius app without ever paying any fees or being penalized to access your own funds,” said Alex Mashinsky, CEO of Celsius Network, in a statement. No fees, that is, apart from a 3.5% fee to buy crypto using credit cards.
Simplex, the company that provides payment infrastructure for crypto firms, is providing the service. Last week, it announced a partnership with Binance to let people use its infrastructure to buy a variety of fiat currencies, among the British pound and the Australian dollar, to buy cryptocurrencies.
“Partnering with Simplex has transformed Celsius into the leading one-stop-shop for crypto HODLers,” said Mashinsky.
In a statement, Simplex CEO Nimrod Lehavi said, “Having a multitude of fiat currencies to choose from allows everyone to enjoy a better experience when buying crypto.”
In November, Celsius said it’s issued over $4.25 billion in loans backed by cryptocurrencies since it started supplying crypto-backed loans in 2018, and over $5 million in interest to depositors, who’ve put down over $450 million.
Prior, the company announced support for EOS, the market’s first-largest cryptocurrency, to allow its customers to stake EOS tokens and earn interest.
Currently, it offers interest on Bitcoin loans at a rate of 8.43%. A competitor, Cred, which holds over $300 million in lending capital, offers rates of up to 10%.