Simplex partners with Visa to issue debit cards
Fiat-to-crypto ramp Simplex has partnered with Visa to offer its partners the ability to issue crypto debit cards.
Over 200 Simplex partner businesses can now offer crypto debit cards to their customers. This makes greater acceptance of cryptocurrencies for transactions possible.
This is possible because Simplex and Visa announced a Bitcoin Trader partnership on Monday. Simplex is a „fiat-to-crypto ramp“ and is now also Visa’s main member in Europe.
The principal membership
A spokesperson for Simplex told Cointelegraph the partnership is primarily to boost the company’s business-to-business activities. „The principal membership allows us to pass that on to our partner network and basically give any Simplex partner the ability to offer a crypto or fiat Visa card.“
For Simplex founder and CEO Nimrod Lehavi, the Visa partnership is an important step towards the company’s goal of providing greater access to digital currencies. Simplex has already been offering a tether-to-euro payout on its platform since October.
Crypto debit cards remain an important component in providing „fiat-like convenience“ when using cryptocurrencies online or in physical shops. The increasing use of digital currencies for microtransactions is still one of the benchmarks for measuring crypto adoption.
In 2020, a number of crypto companies have launched debit cards that allow users to use crypto when making payments. The Binance Card, for example, was rolled out to European customers in December. Crypto lender BlockFi also announced its own card programme.
Simplex is now one of the crypto companies that is a main member, along with Coinbase. The exchange became so back in February, although it has not yet taken advantage of the opportunity directly, as its cards continue to be issued by third-party providers.