Israel-based , 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 personal IBAN for every user.
The company has already soft-launched the banking services and saw millions of euros in deposits for cryptocurrency purchases.
Rising Demand for Fiat-Crypto Services
Founded in 2014, Simplex already offers fiat onramp services using cryptocurrency credit and debit cards. The company is as a financial institution and is offering services to several .
The latest banking services of Simplex will be available through its partners and has already added , Huobi, Jaxx, Poloniex, Changelly, and CoinFlip to the network.
The company further highlighted that the banking services will have zero on-boarding 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 on-boarding and checkout process.
Simplex Launches Banking Service for Fiat-Crypto Conversions
Published in Analysys
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