The Israel-based provider of fiat to cryptocurrency solutions, Simplex, has announced the launch of a new feature aiming to facilitate digital asset purchases and sales. Dubbed Simplex Banking, it will work jointly with cryptocurrency wallets, exchanges, and outlets.
Founded in 2014, Simplex is an EU-licensed financial infrastructure describing itself as a provider of “the fiat infrastructure for the cryptocurrency industry.”
The company announced its latest product in a press release shared with CryptoPotato. Upon being implemented on cryptocurrency exchanges, wallets, and outlets, Simplex Banking will enable them to offer local and global fiat payment methods to their users.
According to the company, this feature will ensure that “individuals hailing from areas in which most global payment methods are not widely used, such as Europe, Asia, and beyond, can purchase digital assets, simply and securely.”
Simplex’s banking license and the personal IBAN will allow “exceptionally large purchase amounts” that the new feature can generate for each user. The company promised the service to be mainstream and user-friendly, with one-click deposits.
As far as user validation and document submission go, Simplex Banking will rely on a “one and done” know-your-customer (KYC) policy, ensuring a “fast and efficient checkout process.”
The statement also clarified that the product saw millions of euros deposited to interact with cryptocurrencies during the soft launch. Additional plans include the option to set up recurring smart auto-purchases and a give-back initiative allowing users to donate to charity organizations of their choice.
The statement explained that some of the most notable names in the cryptocurrency industry will implement Simplex Banking. Those include OKEx, Huobi, Poloniex, Jaxx, CoinFlip, and Changelly.
Upon completing the registration, users will be able to take advantage of zero onboarding and monthly management fees, as well as no fees for debit card issuing.
“Since 2014, Simplex has forged new methods of enabling mainstream adoption of crypto assets, through the seamless and safe purchases of cryptocurrencies with credit and debit cards.
Simplex Banking is the natural expansion of our offering, fitting the growing needs of the market, namely to easily buy and sell crypto assets, safely, with no maximum limits and a range of payment options.” – commented company CEO Nimrod Lehavi.
