Simplex, a European Union-licensed financial institution that functions as the fiat gateway provider of top crypto exchanges like Binance, Huobi, Poloniex and a host of others, has now added support for two more fiat currencies: the Japanese yen (JPY) and Canadian dollar (CAD). The move could enable Binance and other Bitcoin trading venues to integrate the two fiat currencies into their operations and enable users to buy BTC and altcoins with CAD and JPY, according to reports on December 9, 2019.
Due to Popular Demand
Simplex, a leading provider of fiat gateway infrastructure to a vast array of crypto exchanges, now supports two more fiat currencies in the Canadian dollar (CAD) and Japanese yen (JPY), as part of efforts to offer its clients more choices.
Per sources close to the matter, Simplex has made it clear that the addition of JPY and CAD will enable existing clients (those interested) to easily engage in crypto trading with the two fiat currencies, whilst also making it possible for partners to enable their clients to buy digital assets with CAD and JPY-based credit cards.
Explaining the reason behind the firm’s decision to add support for JPY and CAD, Simplex CEO, Nimrod Lehavi told The Block that demand for both currencies is very high and it plans to work with its top exchange partners to roll out the service in the coming weeks.
Giving Clients More
Established in 2014 by Nimrod Lehavi, Erez Shapira, and Nataniel Kabala, Simplex has been enabling its crypto exchange partners to offer their clients fiat-to-crypto trading in three major currencies – the U.S. dollar (USD), euro (EUR) and the British pound (GBP).
If all goes as planned, Lehavi says Simplex will add more fiat currencies, including the Russian ruble and Turkish lira, in the coming weeks or months.
“We don’t handle crypto directly but rather make it possible for our partners to interact with the fiat world. We take care of the fiat side of the purchase, while our partners supply the digital currency to the users.”
At a time when fraudulent activities are becoming quite synonymous with the cryptospace, Simplex claims it offers its more than 120 global clients fraud-free payment processing powered by its proprietary fraud prevention artificial intelligence (AI) system.