Simplex Launches Banking Service for Fiat-Crypto Conversions

Crypto players can tap this service from Simplex's partner network members.

Israel-based Simplex, a payments solutions provider, announced on Monday the launch of banking services allowing platforms to offer cryptocurrency buying and selling services using fiat.

Dubbed Simplex Banking, the new service can be used by digital currency exchanges, wallets, or any other platforms that are willing to offer fiat-crypto conversions.

Simplex detailed that the new banking service is a ‘mainstream, user-friendly approach’ to the widely used onramp and offramp services. It will offer ‘one-click’ deposit services for large purchase amounts and will generate a personal IBAN for every user.

The company has already soft-launched the banking services and saw millions of euros in deposits for cryptocurrency purchases.

Nimrod Lehavi
Nimrod Lehavi, CEO, Simplex

Commenting on the new service, Simplex CEO, Nimrod Lehavi said: “Since 2014, Simplex has forged new methods of enabling mainstream adoption of crypto assets, through the seamless and safe purchase of cryptocurrencies with credit and debit cards. Simplex Banking is the natural expansion of our offering, fitting the growing needs of the market, namely to easily buy and sell crypto assets, safely, with no maximum limits and a range of payment options.”

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Rising Demand for Fiat-Crypto Services

Founded in 2014, Simplex already offers fiat onramp services using cryptocurrency credit and debit cards. The company is licensed under the European Union as a financial institution and is offering services to several top cryptocurrency players.

The latest banking services of Simplex will be available through its partners and has already added OKEx, Huobi, Jaxx, Poloniex, Changelly and CoinFlip to the network.

The company further highlighted that the banking services will have zero onboarding fees, zero monthly management fees and no fees for debit card issuing.

Additionally, the company is following a ‘one and done’ policy for KYC, assuring a quick customer onboarding and checkout process.

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