Simplex, the Israeli provider of fiat to crypto solutions, has become a principal member of Visa in Europe. As a result, Simplex will issue Visa cards supporting cryptocurrencies, which users will be able to use for everyday purchases.
Simplex Becomes A Visa Principle Member
Founded in 2014, Simplex is an EU-licensed financial institution aiming to “make cryptocurrency accessible to all.” The Israel-based company announced its most recent partnership with the US multinational financial services giant Visa in a press release shared with CryptoPotato.
Upon receiving approval to become a principal member of the Visa network, Simplex will be able to offer new solutions to users wishing to employ digital assets for regular payments. Additionally, the company will directly issue debit cards to partners’ users. The statement described them as a more convenient, faster, and cheaper way to carry transactions across their entire partner network.
Cuy Sheffield, Senior Director and Head of Cryptocurrency at Visa, said that digital assets have the potential to extend the value of digital payments to a more significant number of people and places.
However, cryptocurrencies need reliable and convenient fiat on- and off-ramps to have more utilization as a medium of exchange. This is why Visa has decided to open its network for companies like Simplex, Sheffield added.
Simplex and cryptocurrencies will receive exposure to more than 60 million merchants currently employing the Visa network.
Working Together With Simplex Banking
The issuance of Visa debit cards will work in accordance with another recently launched company product.
As reported in early December, the Israeli company released a fiat-to-crypto banking service called Simplex Banking. It works alongside exchanges and wallets to enable users immediate transactions with cryptocurrencies.
Simplex Founder and CEO, Nimrod Lehavi, acknowledged both milestones as “critical steps” in the company’s development and highlighted Visa’s crucial role for digital asset adoption:
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.”