The fiat-to-crypto ramp Simplex has partnered with Visa and now offers its partners the ability to issue crypto debit cards.
Over 200 Simplex partner companies can now offer their customers crypto debit cards.
This enables greater acceptance of cryptocurrencies for transactions
That’s possible because Simplex and Visa announced a partnership on Monday. Simplex is a fiat-to-crypto ramp and is now a major member of Visa in Europe.
A Simplex spokesman told Cointelegraph that the partnership is primarily designed to boost the company’s business-to-business activities. „The main membership allows us to pass this on to our partner network and basically give every Simplex partner the opportunity 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 enabling greater access to digital currencies.
Simplex has been offering a tether-to-euro payment on its platform since October
Crypto debit cards remain an important component in providing „fiat-like convenience“ when using cryptocurrencies online or in physical stores. 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 launched debit cards that allow users to use crypto in payments. The Binance Card, for example, was delivered to European customers in December. The crypto lender BlockFi also announced its own card program.
Simplex is now one of the main crypto companies alongside Coinbase. The exchange already did so in February , although it has not yet taken advantage of the opportunity directly as its cards are still being issued by third-party providers.