Celsius Adds Tether Gold with 4% Interest on Custody

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.

"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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-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 Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term, issued Tether Gold, a digital currency pegged to physical gold stored in vaults in Switzerland, earlier this year.

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

DeFi platforms are changing traditional fiancing

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.