Simplex, the mover of fiat/crypto cooperability for hundreds of partners, processing millions of dollars daily, has been approved for principal membership to the Visa network. This represents a move in enabling digital currency users the ability to access their funds for everyday use.
Through its principal membership, Simplex will be able to offer new solutions to the limitations users of digital currency face when trying to withdraw cryptocurrencies from their preferred vendor. As a principal member of the Visa network and a licensed financial institution, Simplex will be able to directly issue debit cards to partners’ users, offering convenience, reduced costs, and faster transactions across their entire partner network.
An important milestone in payments innovation and flexibility, the ability to issue Visa debit cards goes hand in hand with the launch of Simplex Banking, a crypto-friendly fiat banking service. Simplex Banking works alongside exchanges and wallets to offer a cutting-edge solution for instantly buying, selling, and exchanging currencies through their networks and communities.
Simplex CEO and founder, Nimrod Lehavi said: “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. 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.”
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” said Cuy Sheffield, Senior Director and Head of Cryptocurrency, Visa. “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.”
Simplex first introduced a platform in 2014 that enables consumers throughout the world to easily and securely buy digital currencies through Simplex with their credit cards, with Simplex’s zero chargeback guarantee. The expanded Visa Simplex partnership marks a new phase of financial accessibility throughout the world.