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Crypto Card Provider Simplex Being Acquired by Canadian Firm for $250M
The Visa network member provides users with crypto on-ramp/off-ramp capabilities using debit and credit cards.
Updated May 9, 2023, 3:19 a.m. Published May 7, 2021, 8:19 a.m.
Crypto payments startup Simplex is being acquired by Canadian payments processor Nuvei.
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- The deal, which is subject to regulatory approval, will be worth $250 million to be paid in cash, according to an announcement Thursday.
- An Israeli firm founded in 2014, Simplex provides users with on-ramp/off-ramp capabilities using debit and credit cards.
- In December 2020, Simplex gained membership of Visa’s network, allowing it to issue Visa cards.
- The acquisition would also give Nuvei future banking capabilities because Simplex has an electronic money institution (EMI) license in the European Union.
- The news comes soon after Nuvei’s March announcement that it was adding payment support for nearly 40 cryptocurrencies for e-commerce merchants on its network.
- Simplex CEO Nimrod Lehavi said joining Nuvei would enable Simplex to “fulfill its promise of bridging the gap between the blockchain space and the traditional finance world.”
Also read: Opera Adds In-Browser Crypto Options With Simplex Integration
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