200 Simplex partners can now issue cryptocurrency debit cards
By Bob Garcia
Israeli fintech company Simplex announced that it has become a principal member of Visa in Europe. The development means that Simplex’s 200 partner companies are now able to issue cryptocurrency-powered debit cards to their customers.
In a release, Simplex noted, “Simplex will be able to offer new solutions to the complex limitations users of digital currency face when trying to withdraw cryptocurrencies from their preferred vendor. As a principal member of the Visa network and licensed financial institution, Simplex will be able to directly issue debit cards to partners’ users, offering convenience, reduced costs, and faster transactions across their entire partner network.”
While Simplex’s announcement is expected to boost its business to business dealings through its growing partner network, the move could also help cryptocurrencies go mainstream by effectively giving cardholders the ability to spend crypto at over 60 million merchants on the Visa network.
Nimrod Lehavi, CEO and Founder of Simplex remarked, “Visa has been a valued component of the Simplex solution since we began our journey seven years ago, enabling people throughout the world to easily purchase cryptocurrency using their Visa cards. Today, Simplex is provisionally approved for principal membership to the Visa network. 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.”
Simplex isn’t the first fintech company to offer cryptocurrency debit cards. Binance launched their Binance Card in the fall and New York savings and loan company BlockFi announced a card of its own earlier this month. While Coinbase also boasts of being a principal member of Visa, the firm has not yet issued any third-party debit cards.
Simplex was founded in 2014. More information about the EU-licensed financial institution can be found at Simplex.com.