Bitfinex Taps Simplex for Crypto On-Ramp Services

26.10.2021 8:48 pm

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The crypto exchange, Bitfinex announced on Tuesday that it has tapped the services of Simplex, a subsidiary of Nuvei, to offer crypto on-ramp functionalities to its users.

As detailed in the press release shared with Finance Magnates, the crypto exchange has integrated the funding options supported by Simplex. This will enable Bitfinex users to purchase digital currencies using credit and debit cards.

Commenting on the partnership, Bitfinex CTO Paolo Ardoino said: “Our mission has always been to increase the accessibility of digital tokens and provide an optimal trading experience for our growing customer base.”

Initially, the crypto exchange will only allow the purchases of Bitcoin, Ethereum, Tether and Tether Gold with debit and credit cards. However, it has plans to add more cryptocurrency support for the on-ramp services.

Simplifying Crypto Purchase

Simplex was founded in 2014 and became a well-known name for providing crypto on-ramp services. It is licensed under the European Union as a financial institution and is offering services to several top cryptocurrency players.

The startup was acquired by the payments giant, Nuvei earlier this year in a massive $250 million cash deal.

“We are thrilled to announce our collaboration with Bitfinex,” said Nimrod Lehavi, Co-Founder and CEO of Simplex, which is now owned by Nuvei. “Bitfinex is a great addition to our strong roster of crypto businesses and exchanges. Our goal is to make cryptocurrency accessible to everyone.”

Meanwhile, both Bitfinex and sinter company Tether recently settled all charges on misleading claims on USDT’s fiat reserves brought by the US Commodity Futures Trading Commission (CFTC), paying a civil monetary penalty of $42.5 million.


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