Simplex Adds CAD and JPY, Allowing Crypto Exchange Partners To Support These Fiat Currencies

By adding support for the Canadian Dollar (CAD) and the Japanese Yen (JPY), Simplex Partners such as Binance, Huobi, OKEx, and Poloniex will be able to add the fiat currencies to their exchanges.

Simplex, which is Binance’s, Poloniex’s and Huobi’s provider for a fiat gateway infrastructure, has recently added support for the Canadian dollar (CAD) and the Japanese yen (JPY).

The news that the Israel-based company is going to add support for CAD and JPY was released on Monday. The move will enable the firm’s clients to buy cryptocurrencies by using their CAD or JPY credit cards. This is what Nimrod Lehavi, Simplex’s CEO and founder had to say about all this:

“We're not handling crypto directly ourselves but rather enable our partners to interact with the fiat world. We handle the fiat side of the purchase and our partners supply the crypto to the users.”

Simplex Is Planning to Add More Fiat Currencies

The addition of CAD and JPY doesn’t indicate Simplex’s clients will add support for the currencies by default. Lehavi said,

“Not all partners are going to add support for all currencies, but we see high demand for adding these and will roll out the service in the coming weeks with top exchanges.”

Simplex had already been supporting 3 fiat currencies on its platform, these being the US dollar (USD), the British pound (GBP) and the euro (EUR). It expects to add more in the future. When asked about what will be next, Lehavi said the Turkish lira (TL) and the Russian ruble (RUB) should be added very soon, with other currencies that are in demand to be explored in 2020.

Regarding the CAD and the JPY, Lehavi said these two are on the most important crypto markets and the first 10 territories that make credit card payments are using them.

Zero-Fraud Guarantee

Lehavi explained how Simplex is going to offer the zero-fraud guarantee. He said transactions will be analyzed in real time by the company’s Artificial Intelligence (AI) system and guaranteed to process. In the situation in which they end up in chargeback, Simplex is going to pay the seller.

The platform is also offering lower fees on transactions. Lehavi said,

“Normal fees range between 2-3% and sometimes even higher rates apply, depending on the currency. When a Simplex user makes the purchase in his own card's base currency, like JPY for example, no forex fees will be added to the purchase, and simplex will handle the transaction.”

Simplex has 120 Partners Worldwide

At the moment, Simplex has 120 partners all over the world, including the already mentioned Binance, Poloniex and Huobi. Some other of its crypto clients are KuCoin, OKCoin, Ledger, Abra and Xapo.

Until now, the firm has raised about $18 million from funding, not to mention it has a license for handling electronic money in Lithuania, meaning it’s open for the EU market.

Lehavi said there are 100 people working for Simplex at the moment, with the company always looking to add more developers to the already existing teams.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Binance to Supports Ontology Network 2.0 Upgrade Tomorrow; Swap NEP5 ONT Tokens Today

Binance is supporting the upcoming Ontology 2.0 network upgrade planned for Tuesday of this week. The top crypto exchange stopped the deposits and...

Crypto Market Bounces Back by 44.5% in Q2 As BTC Gains 78% Since Black Thursday: CoinGecko

The market cap of cryptocurrencies has grown by 44.5% within Q2, according to the first quarterly report by CoinGecko. In addition to this, Bitcoin's price...

DApp Q2 Market Report Shows Massive DeFi Impact in The Decentralized App Ecosystem

The DeFi realm has registered tremendous growth in the past quarter (Q2) with some products posting some impressive figures. $4.9 Billion was channeled through...

VaultAge Solutions CEO Declared Bankrupt After Scamming Crypto Investors Out of Over $13M

Willie Breedt, chief executive officer of the crypto investment firm, VaultAge Solutions, has been declared bankrupt, who is currently on the run after defrauding...

Arca Labs Rolls Out Ethereum Based Fund After SEC Approves Digitally Transferrable Securities

According to a press release on Monday, July 6, 2020, Arca Labs, a digital asset investment firm, becomes the first-ever company to trade an...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today