Celsius Adds Tether Gold with 4% Interest on Custody

This came as the platform is planning to offer loans with gold as collateral.

Celsius Network, a popular crypto lending platform, has added Tether Gold (XAUT), allowing its users to purchase the stablecoin using any credit and debit card.

Announced on Tuesday, the direct purchase of Tether Gold is facilitated by the lending platform’s partnership with Simplex.

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“We are thrilled to be able to provide access to the masses to buy an important asset such as Tether Gold,” Alex Mashinsky, CEO of Celsius Network, said. “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.”

Tether, a sister company of Bitfinex and issuer of similarly named stablecoin, issued Tether Gold, a digital currency pegged to physical gold stored in vaults in Switzerland, earlier this year.

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Each XAUT represents one ounce of gold and is issued on both Ethreum and Tron blockchains.

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Launched in 2018, Celsius is one of the top crypto lending platforms with over 100,000 active users. Apart from digital currencies, the platform is planning to issue loans against gold as collateral as well.

Tether Gold holders will receive an annualized interest of 4 percent for keeping the digital currency on Celsius’ interest-bearing accounts.

Celsius also supports instant purchases of many digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, and Ripple using Simplex’s services.

“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,” Nimrod Lehavi, co-founder and CEO of Simplex, added.

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