Simplex collaborates with Visa for Crypto Debit Cards

Visa has now partnered with Simplex to launch crypto debit cards to its customers and users, reports many media outlets.

Simplex is a combination of a cryptocurrency brokerage platform and a payment gateway solution to some of the biggest crypto exchanges.

Cuy Sheffield, Senior Director and Head of Cryptocurrency at Visa, said, "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 CEO and founder, Nimrod Lehavi, said, "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."

The company revealed that the Simplex will directly issue debit cards to users at reduced costs, offering convenience and faster transactions to users in both networks.

Simplex collaboration with VISA will offer an answer for users that have struggled to make use of their cryptocurrency holdings to convert or withdraw funds from their preferred exchanges and platforms.

It will be able to issue debit cards to partner companies and their users, by offering a novel means of making use of their cryptocurrency holdings via conventional transactional channels.

Simplex will also provide 'Simplex Banking' which is a crypto friendly fiat banking service. The service will work alongside exchanges and wallet services as a solution to trade and exchange cryptocurrencies.

The company management sees the partnership with VISA as a major milestone. The partnership opens a path for people to begin using cryptocurrencies seamlessly in their day to day lives.