More than 200 Simplex partner companies can now offer crypto debit cards to their customers, enabling greater adoption of cryptocurrencies for retail transactions.
The development is the result of a recently announced collaboration between Simplex and Visa. Simplex, a fiat-to-crypto on-ramp service, is now a key 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 key membership is what allows us to roll this out to our partner network, basically giving every Simplex partner the ability to offer a crypto or fiat Visa card.”
For Simplex founder and CEO Nimrod Lehavi, the Visa partnership is an important step in the company’s plans to enable better access to digital currencies. In October, Simplex added a Tether-to-Euro payout feature to his platform.
Crypto debit cards remain an important part of enabling “fiat-like convenience” for issuing cryptocurrencies online or in brick-and-mortar retail locations. Indeed, the increased use of digital currency for microtransactions remains one of the benchmarks for measuring crypto adoption.
In 2020, a number of crypto companies began to issue debit cards that allow users to spend crypto. Binance Card is the latest entry, shipping to European customers in December. Earlier in the same month, crypto lender BlockFi has announced its own card program.
previously achieved the same milestone in FebruarySimplex joins Coinbase in the ranks of crypto-native companies gaining main membership status. The exchange had previously hit the same milestone in February, although it shouldn’t immediately make use of the opportunity as its cards are still being issued by third-party providers.