Celsius Enables Crypto Purchases Using Apple Pay
- Users of the popular lending platform will be able to purchase cryprocurrencies through Apple Pay.
- The integration could help Celsius break out into the U.S. market.
Celsius CEO Alex Mashinsky speaking at a Bitcoin conference in San Francisco, CA, USA, 25 June 2019. Shutterstock
According to the Celsius’s press release, over half a million of the company’s users will be able to instantly purchase cryptocurrencies inside the Celsius app using Apple Pay, which was made possible through an integration with Simplex, its in-app purchase partner.
The integration will provide a variety of payment solutions to Celsius users, including credit cards and wire transfers. Alex Mashinsky, the CEO of Celsius, said the partnership with Simplex has brought Celsius closer to becoming the “ultimate one-stop-shop” for owning, earning, and lending cryptocurrencies.
While the Apple Pay option won’t be available in all locations, the company could be specifically targeting the U.S. market. With some estimates showing that nearly half of all Americans use an Apple iPhone, creating a direct on-ramp to purchase crypto could bring more users to Celsius.
Aside from simplifying the process of purchasing cryptocurrencies, the addition of Apple Pay will also increase the security of the Celsius app, as it doesn’t require users to provide credit card information, there is little risk of theft or fund loss.
Earlier this month, an external audit confirmed that Celsius has over $10 billion worth of cryptocurrencies under management. According to the announcement, the company more than tripled the total amount of its assets in less than 100 days and doubled its user base to over 485,000 members.
- The bankrupt crypto lender said that if its reorganization plan is approved, it is ready to start repaying its customers using $2 billion in BTC and ETH by the end of the year.
- If given the green light, Celsius will restart its business under the “NewCo” brand without any funded debt, and with seed funding of up to $450 million.
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- The bankrupt crypto lender has agreed on a settlement with its Series B holders on how to distribute the $25 million from the sale of self-custody platform GK8.
- The majority of funds, $24 million, will be allocated for legal expenses, while the remaining $1 million will be distributed between the Series B holders.
- The U.S. SEC, CFTC, and FTC have all filed separate lawsuits against bankrupt crypto lender Celsius and its former CEO Alex Mashinsky, charging them with multiple counts of fraud.
- Mashinsky was also arrested in New York on Thursday, and later charged by the Department of Justice with securities fraud, commodities fraud, and wire fraud.