Meta Description: Crypto-debit cards by Nuvei and Visa are now revamped to simplify and enhance crypto transactions greatly.
Crypto-Debit cards are the latest introduction in the cryptocurrency industry. Nuvei, the Candian electronic payments giant, has collaborated with VISA, the American Financial conglomerate, and launched crypto-friendly debit cards. This move aims to target Nuvei’s clients in the European Economic Area (EEA) and the United Kingdom (UK).
SimplexCC, or Simplex, the fintech crypto startup acquired by Nuvei in the second half of 2021, is responsible for the partnership with Visa.
Crypto-Debit Cards Now More Friendly
This is not the first instance when Simplex has collaborated with VISA for making crypto transactions more favorable. The first issuance of VISA debit cards by SimplexCC Ltd. for carrying out crypto transactions dates back to December 2020. Nuvei successfully completed the acquisition of Simplex in September 2020 for $250 million. This latest move to launch newer debit cards comes after the said possession.
The objective behind launching these “friendlier” Crypto-debit cards is to optimize crypto transactions and payments for digital assets. Simplex is a pioneer of fiat on-ramp and off-ramp currency exchanges. What this means is that Simplex’s services allow for seamless swapping between fiat money and cryptocurrencies (and vice-versa).
The newer and friendlier crypto-debit cards will facilitate the users to carry out fiat on-ramp and off-ramp processes much faster and more effectively. Fiat money is the most widely accepted form of currency. Thus, individuals using these cards will be able to carry out transactions using their crypto funds.
According to Philip Fayer, the CEO of Nuvei, the launch of these VISA branded debit cards is highly favorable for the company’s future development. It is a significant move in expanding Nuvei’s crypto activities and a major asset for the company’s clients and investors.
Moreover, Fayer also applauded VISA for blurring the gap between the traditional finance industry and the crypto industry. As per him, VISA has played a major role in expanding the horizons for crypto transactions.
In March, Nuvei declared that it was adding payout support for a whopping 40 cryptocurrencies. It added major currencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, etc. to its payout services.
This move will allow Nuvei-VISA crypto debit cards the users to leverage the firm’s fiat on-ramp and off-ramp services.