Cryptocurrency exposure is in high demand worldwide and primarily in the European Union. Nuvei, a Canadian payments firm will help provide more usability for these crypto-assets. Its crypto-friendly debit cards will soon become available through Europe and the United Kingdom.
Nuvei Tackles The EU and UK
Although the concept of cryptocurrency debit cards is nothing new, there is always room for competition. More providers mean better services as competition keeps heating up. Nuvei, the Canadian payments firm, is the latest company to explore this space. The company will bring its crypto-friendly debit cards to Europe and the United Kingdom.
That new venture is possible through the company’s acquisition of Simplex in May 2021. Simplex is a well-known player in the cryptocurrency space and provides crypto-to-fiat and fiat-to-crypto bridges to users worldwide. Nuvei acquired Simplex for $250 million in cash, enabling the company to explore new opportunities in the ever-growing crypto market.
As Simplex lets users buy and sell crypto with credit and debit cards, it is an essential gateway into the cryptocurrency industry. Moreover, its proprietary fraud and risk management tools are of the utmost importance. These tools provide a zero-chargeback guarantee to merchant partners, a promise that is still upheld today.
Crypto Debit Cards Are Essential
Nuvei is no stranger to crypto-friendly debit cards either. The company provides this service to COTI, a blockchain finance ecosystem, which has proven to be rather successful. Nuvei now aims to use this Visa principal membership and EMI license to boost the branding of partner firms. These cards help individuals utilize and spend wherever Visa payments are accepted from their crypto sales.
Nuvei CEO and Chair Philip Fayer adds:
“The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings. With this programme, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
Moreover, the debit card coming to Europe and the UK lets consumers sell crypto with the click of a button. The converted funds can be spent anywhere, either physically or online.