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Fiat-to-Crypto Onramps Provider Simplex to Be Acquired for $250 Million

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Thu, 05/06/2021 - 12:08
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Alex Dovbnya
Canadian electronic payment processing company Nuvei is in advanced talks to acquire Simplex
Fiat-to-Crypto Onramps Provider Simplex to Be Acquired for $250 Million
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Canadian financial services company Nuvei is in advanced talks to acquire Israeli crypto-to-fiat onramp provider Simplex for up to $250 million, local technology news site CTech reports. The deal is expected to be inked in the upcoming days.

Founded back in 2014, Simplex has grown into a 150-strong company with employees operating from offices in Israel and Lithuania.

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Simplex is mostly known for enabling credit card payments on major exchanges such as Binance.

The shares of Nuvei—whose market cap is estimated to be roughly $10 billion—are trading on the Toronto Stock Exchange. Its annual turnover exceeds $16 billion.

The Simplex acquisition is the latest example of cryptocurrency M&A deals picking up steam. Yesterday, Galaxy Digital announced it had bought crypto custodian BitGo for a whopping $1.2 billion.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.