Popular fiat-crypto payment processor Simplex has announced the addition of two new currencies. The Israeli fintech firm has expanded its service to include support for Canadian dollars (CAD) and Japanese yen (JPY), meaning users can now purchase cryptocurrency using credit card with their native tender.
By favoring the fraudless payment processor to purchase crypto in their base currency, Canadian and Japanese users will benefit from significantly lower transaction costs.
Please Note: This is a Press Release
Simplex CEO Nimrod Lehavi said: “We are delighted to add CAD and JPY support. Making it easier for individuals to purchase cryptocurrency, and for crypto businesses to accept credit card without the risk of chargebacks, is key to driving greater crypto adoption, while enhancing the industry’s reputation.”
The rise of Simplex
Since launching in 2014, Simplex has become the leading fiat payment infrastructure for the cryptocurrency industry, aided by fruitful partnerships with the likes of Binance, Huobi and Poloniex. Simplex’s payment gateway lets crypto platform users avail themselves of an all-in-one onramp, while enjoying chargeback protection. Simplex is widely used by exchanges, broker sites, wallets and media partners via an API that enables integration.
The combination of Simplex’s fraud-prevention technology and payment processing capacity have made it an appealing choice for crypto merchants and marketplaces keen to broaden their customer base. Simplex bridges the gap between credit card and cryptocurrency for traders, with its gateway facilitating fast, easy payments for millions of users.
Simplex is not the only industry leader rushing to eliminate pain points and make crypto easier to transact: a number of high-profile crypto exchanges have added onramps this year, while Lightning Network wallet Zap allows users to buy BTC with fiat in mere seconds.
Facilitating frictionless fiat-crypto transfers
Despite the progress that has been made in lowering the barriers to entry to the cryptoconomy, fiat conversion remains a sticking point. Tether (USDT) still accounts for the bulk of all fiat currency that moves between exchanges, despite protestations by those who have a problem with the stablecoin’s opacity. Other stablecoins have struggled to make a dent in Tether’s market share, with the Gemini dollar (GUSD) in particular seeing its market cap dwindle.
It’s widely acknowledged that making it easier for individuals to purchase cryptocurrency quickly and at low cost is essential if the industry is to grow and gain legitimacy. Solutions such as that offered by Simplex play a key role in facilitating this, bringing the fiat and crypto worlds closer together.