Celsius, which is a cryptocurrency lending and borrowing platform, recently announced that users can now purchase cryptocurrencies instantly and directly inside its app through Apple Pay, with this being made possible through an integration with Simplex, which is its in-app purchase partner.
Simplex has recently added Apple Pay to the list of payment providers that it supports, and therefore Celsius users will now be able to make use of this to purchase crypto tokens. This is in addition to existing payment methods such as credit cards and wire transfers, and according to Alex Mashinsky, the CEO of the company, this partnership will take Celsius closer to becoming a ‘one-stop shop’ for buying, selling and borrowing in cryptocurrencies.
This option will not be available to all users at the start, with the company targeting those in the US, given that it is estimated that nearly half of all Americans use an Apple iPhone, which creates a huge user base for them to market this option to initially. Another benefit of adding Apple Pay as a payment option is that it will increase the security of the app itself, since users will not need to enter credit card information on the app, with those details being stored on Apple Pay’s servers, therefore making it extremely difficult for fraud to take place.
Celsius already has over 485,000 members and over $10 billion in cryptocurrencies under management, with the company having seen extremely high growth in the previous 100 days, doubling its user base and more than tripling its assets under management. The partnership with Simplex is bound to be a successful one as well, with the Israeli-based startup having crypto payment processing features, as well as fraud prevention technology, and it also offers a KYC opt-out option for purchases of less than $150 in value.
This is yet another example of the increasing adoption of cryptocurrencies across sectors globally, and this trend does not look like slowing down anytime soon. Crypto payment options are becoming more and more common across various sectors, and this is especially prevalent in online sectors and businesses. One example of this is in the online gambling space, where various operators now offer users the option to place bets via crypto tokens, while also using blockchain to support their games and services. The Winz.io casino is one of the leaders in this regard, offering the most popular casino table games via crypto, while the use of blockchain means that their payments and transaction services are extremely quick, reliable and safe.
Thus, with more and more businesses turning to crypto, it is no surprise to see payment platforms also beginning to adopt cryptocurrencies to cater to those users. Celsius has already made a name for itself as a leader in the crypto lending space, offering clients the ability to instantly deposit digital assets into their Celsius wallets and get fiat loans on the basis of those assets as collateral. With this move, we can expect to see even more rapid growth for the platform, as Apple Pay is extremely popular and already has a large user base in the United States. Celsius also has its own native token, which recently reached its all-time high in January, and has been included in Coinmarket’s top 70 list of crypto tokens. All of this shows how Celsius is already a market leader in certain areas of the crypto ecosystem, and its integration with Apple Pay will only help improve its prospects by providing seamless transitions between its various crypto products, and as stated by the CEO, becoming a ‘one-stop shop’ for crypto transactions in the market.