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

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Thu, 6/05/2021 - 12:08
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.

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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.

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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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