Crypto-to-Fiat Banking Solution Launched by Simplex

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Mon, 12/07/2020 - 15:00
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Vladislav Sopov
Industry-level digital payments processor Simplex introduces Simplex Banking, a revolutionary way to facilitate global crypto adoption
Crypto-to-Fiat Banking Solution Launched by Simplex
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Simplex, a world-leading crypto-to-fiat payments processor, will harness its unparalleled expertise and network of connections to deliver an integral retail payments instrument.

Crypto-to-fiat transfers, reconsidered

According to the press release shared with U.Today, Simplex Banking will allow hundreds of crypto-oriented services (exchanges, wallets, crypto-friendly merchants, etc.) to start accepting fiat currencies.

With the new release, both local and global payment methods will be used for buying and selling crypto worldwide, even in areas with an underdeveloped banking system.

The service team highlights that the launch of Simplex Banking became possible only due to the long-term platform's experience in building crypto-to-fiat tools. According to Simplex CEO Nimrod Lehavi:

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.

Simplex Banking service is fully regulated and licensed by corresponding watchdogs. For every user, a personal BAN (International Bank Account Number) is opened to ensure that even large-scale payments are transferred in a legitimate way.

Top-tier partners support the initiative

To avoid all unintended regulatory issues, Simplex Banking has implemented a "know-your-customer" policy from day one. Meanwhile, its approach to KYC checks is "one and done": a new user needs to send a set of documents only once.

Simplex Banking solution perfectly suits corporate needs: the opportunity to convert crypto into fiat in a bank account on a 24/7 basis makes it a "sine qua non" for sophisticated holders and even for businesses that chose crypto as a reserve currency.

The new release is available with the global network of Simplex partners. At press time, OKEx, Huobi, Jaxx, Poloniex, Changelly, CoinFlip and many other services have joined the club of Simplex Banking supporters.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)