simplex, a major provider of crypto-to-fiat payments, adds a fiat off ramp channel to allow its partners like Binance and Huobi Tether (USDT) to sell to euros.
According to an announcement made on October 29th Simplex has implemented new off-ramp channels from Tether (USDT) in its partner network, including major exchanges like Binance, OKEx, and Huobi.
A Simplex representative told Cointelegraph that The latest development is the first time the tether-put option has been enabled in Simplexin the following words:
“USDT has been available through our partner network for some time, but redemption and direct sales in this currency are not […] The put option is currently only in euros, however, and the purchase is possible with 50 fiat currencies. “
With the new off-ramp channel from Crypto to Fiat Simplex partner companies can add the new functionality instantly to their users around the worldsaid company director. “With Simplex, anyone can sell USDT and convert it into euros. Using our bank account through our partner network, users can transfer these funds anywhere in the world. “remarked the speaker.
To date, Simplex’s partner network includes more than 200 services, including crypto exchanges, brokers, and wallets. Together with centralized crypto platforms Simplex’s partner network also includes companies such as MakerDAO, a major player in decentralized finance or DeFi.
The world’s largest stablecoin, USDT, increased nearly 300% in 2020 in terms of market capitalizationThe year started with a market cap of $ 4 billion and rose to nearly $ 16 billion in October. According to a recent report by Bloomberg, Tether could surpass the market capitalization of Ether (ETH) by the end of 2021 and become the second largest cryptocurrency after Bitcoin (BTC).