Crypto payments startup Simplex is being acquired by Canadian payments processor Nuvei.
- The deal, which is subject to regulatory approval, will be worth $250 million to be paid in cash, according to an announcement Thursday.
- An Israeli firm founded in 2014, Simplex provides users with on-ramp/off-ramp capabilities using debit and credit cards.
- In December 2020, Simplex gained membership of Visa’s network, allowing it to issue Visa cards.
- The acquisition would also give Nuvei future banking capabilities because Simplex has an electronic money institution (EMI) license in the European Union.
- The news comes soon after Nuvei’s March announcement that it was adding payment support for nearly 40 cryptocurrencies for e-commerce merchants on its network.
- Simplex CEO Nimrod Lehavi said joining Nuvei would enable Simplex to “fulfill its promise of bridging the gap between the blockchain space and the traditional finance world.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.