Crypto payment processor, Simplex announced on Tuesday that it has become a principal member of the Visa network. This status will allow the company to directly issue Visa debit cards to the users on its partner platforms.
“Visa has been a valued component of the Simplex solution since we began our journey seven years ago, enabling people throughout the world to easily purchase cryptocurrency using their Visa cards,” Nimrod Lehavi, Co-founder and CEO of Simplex, said.
“Today, Simplex is provisionally approved for principal membership to the Visa network. Our vision is to help create a world in which all currencies are accessible, regardless of where you are. This collaboration is a huge leap forward to enabling the world to have true financial freedom.”
Simplex was founded in 2014 and offers fiat onramp services using cryptocurrency credit and debit cards. The company is licensed under the European Union as a financial institution and is offering services to several top cryptocurrency players.
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The company is a popular crypto service provider and has partnered with many major players like Binance, OKEx and Huobi. Meanwhile, Simplex is expanding its services and launched banking services, allowing users to generate personal IBAN.
Visa Opens up for Crypto
Additionally, Visa is betting big on crypto as the decade-old industry is growing at a fast pace. Moreover, it accepted Wirex, a UK-based crypto card issuer, as a principal member recently.
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” Visa’s cryptocurrency head, Cuy Sheffield said. “For digital currencies to have utility as a medium of exchange, there needs to be convenient fiat on-ramps and off-ramps.”
“We’re excited to work with leading fintechs like Simplex who 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.”