It has been reported that development is the result of a recent partnership between Simplex and Visa.
However, Simplex is now a principal member of Visa in Europe.
A Simplex spokesperson explained that the partnership is mainly a boost for the company’s business-to-business activities.
The spokesperson added:
“The principal membership is what enables us to roll this out to our partner network, basically giving any Simplex partner the ability to offer a crypto or fiat Visa card.”
Nimrod Lehavi, the founder and CEO of Simplex, said that the Visa partnership is an important step in the company’s plans of enabling greater access to digital currencies. Back in October, Simplex added a Tether-to-euro cashout feature to its platform.
Simplex becomes a principal member of Visa, allowing it to directly issue #crypto debit cards. https://t.co/RDhG4xy8Jv — Cointelegraph (@Cointelegraph) December 29, 2020
Likewise, crypto debit cards remain an important component of enabling “fiat-like convenience” for spending cryptocurrencies either online or in physical store locations, as the increased utilization of digital currencies for microtransactions remains one of the benchmarks for gauging crypto adoption.
Thus, in 2020, a number of crypto companies began releasing debit cards that let users spend crypto.