- Simplex, an Israeli firm that permits customers to buy digital currencies using a credit card, is now part of the Visa network of principal members.
- This development means that customers of Simplex can now receive Visa-branded cards from Simplex, which they can then use for goods and services.
- Visa welcomed the arrival of Simplex to the network, and praised the “simple, secure and compliant conversions” that Simplex facilitates between traditional and digital currency options.
Payment processing company Simplex has announced that it will join a prestigious global network operated by the financial services firm Visa.
Simplex, which allows its customers to take payment methods such as cryptocurrency, will now join the Visa network as a “principal member”.
Simplex, which is based in Israel, will now be able to provide Visa cards to its customers.
These cards can, in turn, be used to pay for goods and services in digital currencies – enabling crypto-based online money transfers.
The firm was first launched back in 2014.
It is designed to allow customers to purchase digital currencies using credit cards rather than other methods.
This helps solve a major pain point for digital currency users, and also those who wish to accept cryptocurrency but otherwise cannot – such as merchants.
On Visa’s part, a leading name in the company’s crypto division said that it was happy to have the firm on board.
Cuy Sheffield, who is a senior director and also the head of cryptocurrency at Visa, described Visa’s collaborations with financial technology – or fintech – firms like this as a way of helping bridge the gap between non-digital and digital currency methods.
“We’re excited to work with leading fintechs like Simplex [that] 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,” Sheffield said.
Simplex markets itself as one of the first companies to provide what are known as ‘fiat onramps’ based around bank cards.
On its website, the firm described itself as an “innovative solution ensuring 100% fraudless transactions for you and your users, so you can focus on your expertise”.
It works with a wide range of clients, including the broker EXMO and the exchange CROSS.
Earlier this year, for example, Simplex announced that it will be working alongside a crypto wallet provider called Klever.io.
The two firms will pool some resources to partly integrate and offer a user interface for the buying up of digital assets.
According to press reports released at the time, a strong selection of cryptocurrencies will be offered – including Bitcoin, Ethereum and less well-known options such as Tron.
Simplex’s own approach to crypto provision has included a decision to provide the Hedera Hashgraph digital currency HBAR.
HBAR can now be bought using the Simplex service.
Cryptocurrency is just one of the many ways that the international money transfers industry is developing and improving – find out more about what’s happening in the field at our review pages.
