Cryptocurrency News

Simplex Acquired By Canadian Payments Processor ‘Nuvei’ For $250 Mln.

Renowned cryptocurrency payments startup Simplex is being acquired by Canadian payments processor Nuvei.

The deal, which is subject to regulatory approval, is going to be worth $250 Mln and is to be paid in cash, consistent with an official announcement earlier on Thursday.

An Israeli firm founded earlier in 2014, Simplex provides users with on-ramp/off-ramp capabilities employing debit & credit cards.

Earlier in December last year, Simplex gained membership of Visa’s network, permitting it to issue Visa cards.

The acquisition would also offer Nuvei future banking capabilities as Simplex has an EMI [Electronic Money Institution] license within the European Union.

The news comes soon after Nuvei’s March announcement that it had been adding payment support for around 40 different crypto assets for e-commerce merchants on its network.

Simplex CEO Nimrod Lehavi outlined joining Nuvei would permit Simplex to “fulfill its promise of bridging the gap between the blockchain space and therefore the traditional finance world.”

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