The Nuvei Corporation has partnered with Visa to launch crypto-friendly debit cards to its partners across the European Economic Area and United Kingdom.
In combination with Nuvei’s Simplex Banking, the cards simplify the fiat-to-crypto on-ramp and off-ramp process, creating a unified way for individuals to utilise and spend the funds from their crypto sales.
Nuvei’s Chair and CEO, Philip Fayer (pictured), described the rollout of the cards as an important development for the company’s partners and their customers.
“The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings,” he said.
“With this program, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
Nikola Plecas, Director of Crypto Solutions at Visa Europe added “awareness of cryptocurrencies has increased significantly amongst consumers across Europe, resulting in increased adoption as more people look to access crypto”.
Sell crypto holdings at the click of a button
Nuvei’s CEO of Simplex, Nimrod Lehavi, said the branded Visa cards were tailor-made for the cryptocurrency space by meeting global standards of compliance.
“Thanks to Visa, we have created a straightforward and simple program that is tailored to the crypto industry in terms of compliance, risk, time-to-market and costs,” he explained.
The first batch of cards was delivered in September to COTI – a platform optimised for creating price-stable coins – in order to enable them to launch crypto bank accounts and COTI-branded Visa debit cards.
For the customers of Nuvei’s partners, the use of the crypto debit card allows them to sell their crypto holdings at the click of a button while being able to spend the funds instantly anywhere that Visa is accepted.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.