As of today, anyone using Celsius network can purchase XAUt in the app with as little as $50! Purchase the world’s leading gold token, Tether Gold, using any debit or credit card and pay no premiums. Then earn 4% in gold each year by keeping the bought XAUt with Celsius
New York, May 28, 2020 — Crypto lending platform Celsius Network has announced the addition of Tether Gold (XAUT), a digital asset fully backed by physical gold custodied in Switzerland. Celsius users can now purchase Tether Gold, using both debit and credit cards, thanks to the platform’s partnership with fiat infrastructure leader Simplex.
Launched earlier this year, Tether Gold has quickly become the world’s leading gold token, with one XAUT representing one troy fine ounce of gold on a London Gold Delivery bar. XAUT tokens can be transferred to any on-chain address from the holder’s wallet, with specific gold bars associated with each on-chain address where XAUT is held.
Celsius Network has added Tether Gold at a time when investors are looking to hedge against the threat of rising dollar inflation, with central banks having created monetary stimulus packages totaling over $20T in the wake of the ongoing pandemic. Gold has long been considered the most dependable, inflation-proof non-correlated asset due to its hard money status. Tether Gold currently has a market capitalization of $88 million.
The ability to buy Tether Gold with global credit and debit cards via Simplex is exclusive to Celsius Network, and removes the access barrier to investors seeking exposure to gold without custodying it. Holding Tether Gold is an appealing proposition for users, as they can retain ownership of physical gold without having to go through gold dealers, pay for insurance, or concern themselves with security.
“We are thrilled to be able to provide access to the masses to buy an important asset such as Tether Gold,” said Alex Mashinsky, CEO of Celsius Network. “Celsius members have been requesting a blockchain-based gold token for some time now, and our partnership with Simplex makes it even easier to buy, store and earn high yield in one place.”
“Simplex is always thrilled to expand our offering – as the market leader we constantly strive to increase accessibility in assets and platforms. We’re happy to enable Celsius users to purchase Tether Gold with as little as $50 via our flagship onramp solution, enabling all users further flexibility” – said Nimrod Lehavi, CEO and Co-Founder of Simplex.
Launched in 2018, Celsius Network recently surpassed 100,000 active users and announced that it would offer borrowers USD and stablecoin loans against their crypto assets at just 1% APR as part of Covid-19 relief efforts. The platform’s will now offer loans against Gold to extend Celsius mission is to provide fair and transparent financial services to digital asset holders worldwide, and has originated over $8.2 billion worth of loans.
In addition to Tether Gold, Celsius Network and Simplex support in app purchases of BTC, BCH, ETH, LTC, XRP and several other leading cryptocurrencies. Its native CEL token, meanwhile, gives Celsius members exclusive access to the best financial services for digital assets.
Following this integration, the Celsius-native CEL token will also be available to be purchased using a credit/debit card through the Simplex infrastructure. Celsius members can earn interest in CEL on 25 different virtual cryptocurrencies at a rate of up to 30%; they can also complete loan interest payments in CEL tokens at a discount of up to 30% less than paying in crypto or fiat.
About Celsius Network
Celsius Network addresses the financial needs of today’s consumers worldwide through a high-interest income and low-cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network.
Simplex is an EU-licensed financial institution bridging the crypto and fiat industries by processing credit card payments, enabling users to buy crypto with their credit card (onramp), as well as to convert into fiat (offramp). Used by over 140 partners, including top crypto exchanges and currencies, Simplex’s solution enables merchants to focus on their business growth by offering a 100% zero risk guarantee in case of fraud chargeback. The Simplex solution, backed by state-of-the-art AI, blocks fraudulent users and allows legitimate users to complete payments with ease. To learn more, visit www.simplex.com