The newly formed collaboration can increase efficiency in the way users of digital currency gain access to funds for daily transactions.
Simplex CEO and founder, Nimrod Lehavi outlined on the deal: “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.”
Through its principal membership, 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.
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” said Cuy Sheffield, Senior Director and Head of Cryptocurrency, Visa. “For digital currencies to have utility as a medium of exchange, there needs to be convenient fiat on-ramps and off-ramps. We’re excited to work with leading fintechs like Simplex who 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.”
Simplex first introduced a platform in 2014 that enables consumers throughout the world to easily and securely buy digital currencies through the firm with their credit cards. The expanded partnership with Visa looks to mark a new phase of financial accessibility throughout the world.