Simplex Expands Fiat On-Ramp, Adding 15 New Currencies, Launching First on Binance
Leading fiat infrastructure provider Simplex has expanded its fiat on-ramp, permitting customers to pay with a host of national fiat currencies. In parallel, cryptocurrency exchange Binance has announced support for all new currencies through its partnership with Simplex. As a result, more Binance users than ever will be able to acquire cryptocurrency using their native fiat currency.
In addition to accepting credit and debit card payments directly with EUR, USD, JPY and CAD, the Simplex platform will now support 15 new currencies for instant fiat-to-crypto conversion. These are GBP, KRW, RUB, AUD, CHF, CZK, DKK, NOK, NZD, PLN, SEK, TRY, ZAR, HUF, and ILS.
By extending support to other popular fiat currencies, Simplex and Binance aim to further their mission of promoting mainstream cryptocurrency adoption.
In December, Simplex itcoin, based on Coinhills data from exchanges and markets. Simplex’s decision to introduce Korean Won (second most popular), Turkish Lira (fifth), British Pound (sixth), Russian Ruble (seventh), and Polish Zloty (eighth) is sure to be welcomed by the crypto community.
Simplex has been at the forefront of the industry trend towards constructing crypto on-ramps, wherein exchanges and applications connect their payment rails with those of the fiat world. With the help of Simplex, crypto platforms make it easier for users to buy, sell, store and deposit bitcoin and other popular cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
By supporting a wide range of currencies, Simplex saves end-users from having to cover the issuing bank costs and conversion rates levied by credit cards. In normal circumstances, users are obliged to pay a conversion fee up to 3% of the transaction amount to their card issuer.
By supporting a wide range of currencies, Simplex saves end-users from having to cover the issuing bank costs and conversion rates levied by credit cards. In normal circumstances, users are obliged to pay a conversion fee up to 3% of the transaction amount to their card issuer. Simplex’s low fees enable more frequent currency conversion by facilitating affordable fiat-crypto and crypto-fiat swaps.
In a statement, Simplex CEO Nimrod Lehavi said: “Simplex strives to perfect the crypto on-ramp and off-ramp flow. Having a multitude of fiat currencies to choose from allows everyone to enjoy a better experience when buying crypto.”
Simplex has been at the forefront of the industry trend towards constructing crypto on-ramps, wherein exchanges and applications connect their payment rails with those of the fiat world. With the help of Simplex, crypto platforms make it easier for users to buy, sell, store and deposit bitcoin and other popular cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
By supporting a wide range of currencies, Simplex saves end-users from having to cover the issuing bank costs and conversion rates levied by credit cards. In normal circumstances, users are obliged to pay a conversion fee up to 3% of the transaction amount to their card issuer. Simplex’s low fees enable more frequent currency conversion by facilitating affordable fiat-crypto and crypto-fiat swaps.
In a statement, Simplex CEO Nimrod Lehavi said: “Simplex strives to perfect the crypto on-ramp and off-ramp flow. Having a multitude of fiat currencies to choose from allows everyone to enjoy a better experience when buying crypto.”
About Simplex
Simplex is an EU-licensed financial institution, providing the fiat infrastructure for the crypto industry. Simplex processes credit card payments with a 100% guarantee – in case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s cutting-edge fraud prevention solution and proprietary state-of-the-art AI technology blocks fraudulent users and allows legitimate users to complete payments with ease, increasing conversion rates and enabling merchants to focus on their business growth. To learn more about Simplex go to www.simplex.com
About Binance
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. The Binance ecosystem is comprised of Binance Exchange (the leading global cryptocurrency exchange), Labs (venture capital arm and incubator), Launchpad (token sale platform), Academy (educational portal), Research (market analysis), Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability) and Trust Wallet (Binance’s official multi-coin wallet and dApps browser), as well as Binance Chain, a blockchain software system developed by Binance and the community.
