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.
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.