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BCH $642.65 (0.56%)
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Crypto Payment Provider Simplex Acquired for $250 Million by Nuvei

Crypto Payment Provider Simplex Acquired for $250 Million by Nuvei
  • Publicly-listed Canadian company Nuvei acquired Simplex for $250 Million
  • Simplex is a crypto payment startup that offers fiat-to-crypto on and off-ramp services
  • Nuvei’s goal is to enhance its portfolio of alternative payment method solutions

In a recent announcement, Nuvei shared the news that they acquired the crypto payment startup SimplexCC Ltd for $250 million. The deal will be finalized as soon as the companies get regulatory approval.

According to the publicly-listed Canadian company, Nuvei will use this opportunity to enhance their alternative payment method solutions portfolio. Simplex offers fiat-to-crypto on and off-ramp services and could definitely help in this regard.

According to Simplex, they processed “processed approximately $500 million of total volume” last year. This makes them one of the fastest-growing crypto solutions startups.

Philip Fayer, Nuvei’s Chair and CEO shared his remarks.

We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods.

He also mentioned that this move will be adding “turnkey simplicity” to the buy and sell process of crypto and fiat conversion all within a user’s account. He said that the ultimate goal is to reduce complexities for both merchants and consumers as well.

Nimrod Lehavi, Simplex’s CoFounder and CEO also expressed his delight at the turn of events. According to him, “by joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world.”

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.