Global payments service Visa has partnered with fiat to crypto onramp service provider Simplex to launch crypto debits cards to its users and clients.
The company announced the collaboration on December 29 in a direct release to The Daily Chain which will see Simplex directly issue debit cards to partners’ users, offering convenience, reduced costs, and faster transactions to users in both networks.
Simplex launched a platform back in 2014 that allowed users around the world to buy cryptocurrencies using credit cards and this latest collaboration with Visa is aimed at creating greater financial accessibility to the cryptocurrency space.
Another options for crypto users to withdraw in fiat
Simplex’s relationship with VISA will provide an answer for users that have struggled to be able to make use of their cryptocurrency holdings or convert or withdraw funds from their preferred exchanges and platforms.
Simplex will be able to issue debit cards to partner companies and their users, providing a novel means of making use of their cryptocurrency holdings through conventional transactional channels.
Simplex also announced the launch of its ‘Simplex Banking’ offering which is a crypto-friendly fiat banking service. The service will work alongside exchanges and wallet services as a solution to buy, sell and exchange cryptocurrencies.
Simplex founder and CEO Nimrod Lehavi sees the partnership with VISA as a major milestone for the company to create another path for people to begin using cryptocurrencies seamlessly in their everyday lives.
“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. ”
VISA identifies need to integrate cryptocurrencies
The move also illustrates VISA’s efforts to integrate cryptocurrencies into their payment services offerings, as the world continues to adopt and use digital assets. Visa’s senior director and head of cryptocurrency Cuy Sheffied said that digital currencies could potentially expedite the use of digital payments across the world.
“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.”