Simplex Crypto-to-Fiat Processor Becomes Visa Network Principal Member

New partnersip makes Simplex crypto-to-fiat operations even more seamless, convenient and low cost. This step goes hand-in-hand with the launch of Simplex Banking, a holistic multi-platform payments ecosystem by Simplex.

Introducing Visa cards by Simplex

According to a press release shared with U.Today, Simplex, a top-tier vendor of crypto-to-fiat payment solutions, is provisionally approved as a "principal member" of the Visa network. This status allows Simplex to issue Visa debit cards to its partners.

The Simplex team stresses that this move is pivotal for the adoption of cryptocurrencies as instruments for everyday retail use. Merchants, buyers and crypto traders will enjoy fast and seamless access to their funds in both digital and fiat currency.

This announcement follows the launch of Simplex Banking, a one-stop crypto and fiat banking solution for wallets, exchanges and institutional clients.

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Simplex CEO and founder Nimrod Lehavi claims that this approval and the new status of his product will help to erase the barriers between economic institutions all over the globe:

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.

Crypto paygate to Visa

Cuy Sheffield, senior director and head of cryptocurrency at Visa, highlighted the crucial importance of reliable paygates in the interaction between digital and fiat financial institutions:

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.

It is worth noticing that Simplex has a long-term record of partnership with Visa.

Since its launch in 2014, Simplex instruments allow for the purchase of Bitcoin (BTC) and major altcoins with Visa cards.