Simplex, a famous payments processor based in Israel, has revealed in an announcement issued on the 29th of December that it has received principal membership from Visa, a leading financial services firm. The membership will let Simplex issue Visa cards on its own.
The fiat-to-crypto solutions provider is now officially the Visa Network’s principal member. Simplex has been able to get this principal membership as a result of its recent partnership with Visa. The principal membership of Visa will now allow Simplex to directly issue Visa cards to its users. Users can make daily life purchases using these Visa cards issued by Simplex.
Reportedly, Simplex has more than two hundred client companies that now will be able to offer their users cryptocurrencies-supported debit cards. In this way, Simplex is boosting the adoption of digital currencies for retail transactions.
Commenting on this development, the Chief Executive Officer (CEO) and Founder of Simplex Nimrod Lehavi said that their partnership with Visa is a crucial step for the development of the firm as it is intended to enhance access to cryptocurrencies. The real purpose of this partnership, he said, is to let individuals from across the whole world buy digital assets easily by leveraging the vast Visa network.
While talking about the principal membership of Visa, he said that it is a significant achievement for them as they can take advantage of it for further boosting the growth of digital currencies and their adoption. A spokesperson from the company said in a statement that their partnership with Visa would help them accelerate and grow their Business-to-Business (B2B) activities further.
Visa’s Senior Director and Head of Cryptocurrency Cuy Sheffield also commented on this development and said that they are delighted to be collaborating with Simplex as it is one of the leading fin-tech firms that are working for enabling the conversions of fiat currencies and cryptocurrencies in a secure, compliant, and simple way.
Prior to receiving Visa’s principal membership, the firm made another crucial development by rolling out a banking service known as Simplex Banking Service. The company views both of these achievements as significant steps for its development.