Edge, the non-custodial wallet and exchange platform, in partnership with Simplex, the global leader in payment processing for the crypto ecosystem, has announced the beta release of its crypto cash out functionality.
Edge users will now be able to sell several different cryptocurrencies including Bitcoin, Ethereum, and Ripple directly to their Visa or Mastercard credit cards.
Specially issued crypto debit cards have long been a popular product for the industry allowing purchase of debit cards which can then be topped up with Bitcoin and then spent at thousands of credit card accepting merchants worldwide.
The launch of the crypto cash out functionality gives users the same benefits as a crypto debit card but allows them to use their existing credit cards and reap the benefits of established reward points or mileage programs.
Paul Puey, Edge CEO, said: “We are incredibly excited to offer this new functionality in partnership with Simplex. Simplex has been an early leader in offering crypto payment processing, allowing people to acquire bitcoin and other cryptocurrencies with credit cards around the world. Now users have the freedom to effectively spend crypto directly from their credit card of choice. Since our founding in 2014, making crypto usable as a transactional currency has been one of our top priorities and this new functionality brings us a major step closer to that dream.”
Nimrod Lehavi, Simplex CEO, said: “We’re thrilled to expand our long standing partnership with Edge and start enabling users to cash out of crypto and not only to buy into crypto. One of the main concerns of mainstream new users is cashing out after they have bought in, and we’re excited to start enabling it. We’re certain that this capability will increase crypto adoption by freeing users to do as they see fit.”
This new functionality is available in an iOS beta release of Edge, for non US Visa card holders initially which users can sign up for at https://edge.app/beta. The Android beta release will follow shortly.