Nuvei and Visa launch crypto-friendly debit cards

The cards can be used by customers to spend funds from their crypto sales anywhere Visa is accepted.

Nuvei Corporation, through its subsidiary Simplex, is partnering with Visa to introduce Visa branded debit cards to its partners in the European Economic Area and the United Kingdom.

Nuvei bought Simplex last May for $ 250 million in cash in a deal that would give Nuvei future banking capabilities as Simplex has an electronic financial institution license in the European Union.

Simplex has partnered with Visa to enable its customers to issue crypto debit cards in December 2020. The fiat on-ramp service provider is actually a major member of the Visa network. Hence, it has permission to issue Visa cards and provide consumers with access to digital assets.

Speaking about the increasing demand for cryptocurrencies, Nikola Plecas, Director of Crypto Solutions at Visa Europe, said:

“Consumer awareness of cryptocurrencies has increased significantly across Europe, leading to increased adoption as more and more people seek access to cryptocurrencies. We are excited to be part of this development and, by deepening our relationship with Nuvei, to provide consumers with an easy and secure way to spend their cryptocurrency. ”

Nuvei Simplex CEO Nimrod Lehavi said the branded Visa cards are bespoke for the cryptocurrency space as they meet global standards of compliance.

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