Bitcoin

Simplex works with Visa to issue debit cards for cryptocurrencies

More than 200 Simplex partner companies can now offer their customers crypto debit cardsThis potentially allows for greater adoption of cryptocurrencies for retail stores.

Development is the result of a recent partnership between Simplex and Visa announced on Monday. Simplex, a fiat-to-crypto on-ramp service, is now a major member of Visa in Europe.

A Simplex spokesman explained this to Cointelegraph The partnership is primarily a boost to the company’s business-to-business activities. “The main membership enables us to basically implement this in our partner network Give each Simplex partner the opportunity to offer a Visa or Fiat crypto card“.

Simplex works with Visa to issue debit cards for cryptocurrencies
Simplex works with Visa to issue debit cards for cryptocurrencies

To the founder and CEO of Simplex, Nimrod LehaviThe partnership with Visa is an important step in the company’s plans to provide better access to digital currencies. In October, Simplex has added a tether function to its platform for withdrawing euro cash.

Crypto debit cards remain an important component in enabling “currency-like convenience” for issuing cryptocurrencies online or in physical stores. Actually, The increasing use of digital currencies for microtransactions remains one of the benchmarks for evaluating crypto adoption.

In 2020 Several cryptocurrency companies have started introducing debit cards that users can use to spend their crypto. Binance Card is the latest addition Delivery to European customers in December. Beginning of the same month the cryptocurrency lenders BlockFi announced its own card program.

Simplex joins Coinbase in the ranks of crypto-native companies to earn Prime Membership status. The exchange had previously reached the same milestone in February, despite not having directly used capacity as its cards continue to be issued by third-party providers.

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