With Simplex becoming a leading Visa member in Europe, its member companies can now issue crypto debit cards to their customers.
More than 200 Simplex member companies can now offer crypto debit cards to their customers, potentially allowing greater adoption of crypto currencies for retail transactions.
The development is the result of a recent partnership between Simplex and Visa announced on Monday. Simplex, an on-ramp fiat to crypto service, is now a leading Visa member in Europe.
A Simplex spokesperson explained to Cointelegraph that the partnership is primarily a boost to the company’s business-to-business activities. „The core membership is what allows us to implement this in our partner network, basically giving any Simplex partner the ability to offer a crypto Visa or fiat card.
For Simplex founder and CEO Nimrod Lehavi, the partnership with Visa is an important step in the company’s plans to enable greater access to digital currencies. In October, Simplex added a Tether to Euro cash withdrawal feature to its platform.
Crypto debit cards remain an important component to allow for „fiat-like convenience“ for spending cryptomoney like Bitcoin Union online or in physical stores. In fact, the increased use of digital currencies for micro-transactions remains one of the benchmarks for assessing crypt adoption.
In 2020, several crypto coin companies began launching debit cards that allow users to spend their crypts. Binance Card is the latest addition to be sent to European customers in December. Earlier that month, crypto lender BlockFi announced its own card program.
Simplex joins Coinbase in the ranks of crypto-native companies obtaining primary membership status. The exchange had previously achieved the same milestone in February, although it has yet to make direct use of the capacity, as its cards continue to be issued by outside vendors.