Canadian payments firm Nuvei is to roll out crypto-friendly debit cards across Europe and the UK through its recently-acquired subsidiary Simplex.
Nuvei agreed a $250 million cash deal to acquire Simplex in May. Founded in 2014, Simplex provides a fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet and liquidity providers.
The firm's infrastructure enables users to buy and sell crypto with credit and debit cards, while the its proprietary fraud and risk management tools ensure a zero-chargeback guarantee to m,erchant partners.
Having already provided crypto-friendly debit cards to blockchain finance ecosystem COTI in recent months, Nuvei intends to make use of its Visa Principal Membership and EMI license to provide partner firms with a unified way for individuals to utilise and spend the funds from their crypto sales anywhere Visa is accepted.
The debit card allows consumers to sell their crypto holdings at the click of a button, while being able to spend the resultant funds instantly anywhere that Visa is accepted.
Nuvei’s Chair and CEO, Philip Fayer, comments: “The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings. With this programme, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”