Payment processing firm Simplex has become a principal member of the Visa network. This is coming shortly after Simplex rolled out a new banking service that allows crypto firms to facilitate local and international payments for their clients. The membership enables Simplex to issue visa debit cards to its customers.
Senior director and head of cryptocurrency at Visa, Cuy Sheffield speaking on the partnership said
“We’re excited to work with leading fintechs like Simplex [that] are helping to enable simple, secure and compliant conversions between crypto and fiat and the ability to spend these funds at Visa’s network of more than 60 million merchants.”
Simplex has made it possible for its customers to buy cryptocurrencies using their credit cards since 2014. The payment platform currently supports more than 45 cryptocurrencies and over 50 fiat currencies. As the firm is working to further the adoption of cryptocurrencies, it is constantly exploring avenues to add more cryptocurrencies, no surprise it is growing so fast.
According to Simplex CEO Nimrod Lehavi, Simplex has worked with Visa for a few months before this collaboration. In an interview with The Block, he said that the new membership is an important way for Simplex to work towards increasing crypto adoption. Simplex has full accessibility to the Visa network and can issue branded cards to its customers going forward.
Cryptocurrencies are gaining acceptance as a means of payment and also as an investment. Simplex enabling the use of debit and credit cards to buy crypto is likely to increase adoption and by becoming a member of Visa, one of the largest financial services companies worldwide, this could grow significantly. The partnership opens up Visa’s 60 million merchants across the world to the possibility of using crypto. This is possibly one of the biggest potential growth that the cryptocurrency space has seen in 2020.