Cryptocurrency Europe

Simplex Launches Banking Solution to Improve the Fiat-to-Crypto Experience

Simplex, a provider of fiat-crypto infrastructure, earlier this week announced the launch of a new addition to its product suite: Simplex Banking will provide crypto exchanges and wallets to anyone, anywhere, allowing the ability to buy and sell crypto assets.

Simplex Banking offers hundreds of crypto wallets, exchanges, and outlets the ability to offer popular local and global payment methods to their users, a critical move in democratising crypto for the masses. This ensures that individuals hailing from areas in which most global payment methods are not widely used, such as Europe, Asia,  and beyond, can purchase digital assets, simply and securely.

Beyond being the first crypto banking solution to natively integrate to exchanges and wallets’ apps, Simplex Banking offers a mainstream, user-friendly approach to the onramp and offramp experience. Simplex partners can offer their users one-click deposits that support exceptionally large purchase amounts, thanks to Simplex’s banking license and the personal IBAN (International Bank Account Number) Simplex Banking generates for each user. 

Additionally, users enjoy a ‘one and done’ policy when it comes to document submission and user validation (KYC), ensuring a fast and efficient checkout process. This also ensures that crypto buyers worldwide can easily and quickly capitalize on market prices, before the tide turns. In the soft launch of the product alone, millions of Euro has been deposited to buy and sell crypto assets. 

The ability allows an affordable and instant opportunity to convert crypto into fiat in a bank account, which can be used by corporates, traders, users, and HODLers alike. Simplex Banking will continue to support an increasing amount of payment methods and local currencies, and recurring ‘smart’ auto-purchases, in addition to a give-back initiative, which will help users donate easily to the charity of their choice.  

Announcing the new product, Simplex CEO Nimrod Lehavi said: “Since 2014, Simplex has forged new methods of enabling mainstream adoption of crypto assets, through the seamless and safe purchase of cryptocurrencies with credit and debit cards. Simplex Banking is the natural  expansion of our offering, fitting the growing needs of the market, namely to easily buy and sell crypto assets, safely, with no maximum limits and a range of payment options.”

Users can apply Simplex Banking through Simplex’s extensive partner network. Simplex partners that currently offer Simplex Banking include OkEx, Huobi, Jaxx, Poloniex, Changelly, and CoinFlip to name a few. There are no onboarding fees, no monthly management fees, and no fees for debit card issuing.

Author

  • Gina is a fintech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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