Canadian payment processor Nuvei announced the acquisition of Simplex. With the effect of this merger, payment transactions with crypto money will become widespread.
Canadian payment processor Nuvei announced on Thursday, May 6, that it has signed a $ 250 million deal to purchase Israeli-based cryptocurrency payment provider Simplex . The companies are currently pending regulatory approval and the deal is expected to be completed in the second half of this year.
Philip Fayer, president and CEO of Nuvei, said in a statement regarding the Simplex acquisition:
“We plan to use Simplex to add simplicity to the process of buying, selling and converting cryptocurrencies into fiat currency in a user account. We plan to reduce complexity for investors and consumers.”
Founded in 2014, Simplex is a company that converts fiat to cryptocurrency. It is integrated with popular crypto exchanges including Simplex, Binance and OKEx , which supports more than 50 cryptocurrencies, and handled nearly $ 500 million worth of transactions last year.
Simplex’s customers, who joined the Visa network last December, will be able to make payments using cryptocurrencies without opening a bank account wherever Visa logo cards are accepted .