Payments technology firm Nuvei is teaming up with Visa to roll out crypto-friendly debit cards to its partners across the European Economic Area and United Kingdom.
Nuvei will utilize its crypto fintech subsidiary Simplex for the process. Nuvei purchased Simplex for $250 million in cash last May in a deal that would give Nuvei future banking capabilities as Simplex has an electronic money institution (EMI) license in the European Union.
As a member of Visa’s principal network, Simplex can issue Visa cards and give consumers access to digital currencies. In September, Simplex partnered with enterprise-grade crypto fintech platform COTI as the latter launched crypto-friendly bank accounts and Visa debit cards.
Partnering with Nuvei, merchants on COTI’s blockchain finance network stand to benefit from increased adoption as a result of being able to accept cryptocurrency as a payment option, Nuvei said in the statement. Customers of Nuvei’s partners will be able to sell their crypto holdings, while also using the resulting funds anywhere that Visa is accepted.
Nuvei said in the spring it was adding payment support for nearly 40 cryptocurrencies for e-commerce merchants on its network.