Canadian publicly traded Nuvei Corporation announced it has acquired $ 250 million in cryptocurrency company SimplexCC Ltd. The transaction is pending regulatory approval and Nuvei expects Simplex to “expand” the company’s portfolio of alternative payment method solutions.
Nuvei Acquires Crypto Payments Provider Simplex
On May 6, Canadian company Nuvei (TSX: NVEI), a global payment technology company, announced the acquisition of crypto-asset payment company Simplex. The startup for digital currencies offers not only the possibility of providing Visa cards to crypto consumers, but also Fiat for the entry and exit of the crypto. The company notes that it processed “approximately $ 500 million of the total volume” last year and estimates it will process $ 2 billion this year.
“We expect Simplex to expand and expand Nuvei’s ever-growing portfolio of alternative payment methods by simplifying turnkey buying and selling of cryptocurrency and converting it back to fiat within one user account,” said Philip Fayer, chairman and CEO of Nuvei during the announcement on Thursday. “Eventually [it will] Reduce complexity for dealers and consumers, ”added Fayer.
Nuvei supports 470 local and alternate payment methods
Nuvei Corporation is connected to 200 markets around the world that support “470 local and alternate payment methods”. In addition, Nuvei offers “almost 150 currencies and 40 cryptocurrencies”. Nuvei (formerly Pivotal Payments) is the largest non-bank payment processor in Canada. The Montreal-based company went public in September 2020 and acquired a $ 700 million initial public offering on the Toronto Stock Exchange (TSX).
“Today is a very special day for the entire Simplex team and for the entire cryptocurrency community,” concluded Nimrod Lehavi, co-founder and CEO of Simplex. “By joining Nuvei, Simplex can fulfill its promise to bridge the gap between blockchain and traditional finance. We couldn’t have imagined a better partner for ourselves and are excited about the future, ”added the CEO.
What do you think of Nuvei, who is acquiring Simplex in a cash transaction for $ 250 million? Let us know what you think on this matter in the comments section below.
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