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Sunday, August 7, 2022

Nuvei, A Payments Firm, Launches A Crypto-friendly Debit Card With Visa

Nuvei is teaming up with Visa to launch crypto-friendly debit cards for its partners across the European Economic Area and the United Kingdom.

Simplex, Nuvei’s crypto fintech subsidiary, will be used for the process. Last May, Nuvei purchased Simplex for $250 million in cash in a deal that would grant Nuvei future banking capabilities since Simplex has an electronic money institution (EMI) license in the European Union.

Simplex is a member of Visa’s principal network, allowing it to issue Visa cards and give consumers access to digital currencies. In September, Simplex partnered with enterprise-grade crypto fintech platform COTI to launch crypto-friendly bank accounts and Visa debit cards.

In partnering with Nuvei, COTI’s blockchain finance network will benefit from increased adoption as merchants will be able to accept cryptocurrency as a payment option, Nuvei said in a statement. Nuvei’s partners will allow their customers to sell their crypto holdings and use the resulting funds anywhere Visa is accepted.

Nuvei said in the spring that its network would accept nearly 40 cryptocurrencies for payments.

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