Simplex, a fiat-to-crypto service provider, partnered with Visa to allow client firms to issue crypto debit cards.
Over 200 Simplex partner companies can now issue crypto debit cards to their customers. This will potentially lead to greater adoption of cryptocurrencies in retail transactions.
The development is the result of a recent partnership between Simplex and Visa announced on Monday. The company has now become the main member of Visa in Europe.
This partnership of Simplex stands out as an important step in the company’s plans to gain greater access to digital currencies. In October, the ability to withdraw from Tether to Euro was added to the Simplex platform.
Crypto debit cards stand out as an important component of providing “fiat-like convenience” to spend cryptocurrencies online or in physical store locations.
In 2020, a number of crypto companies started issuing debit cards that allow users to spend crypto. Binance Card was the last login sent to European customers in December. Earlier that same month, the crypto lender BlockFi also announced its own card program.