Nuvei, the Canadian startup firm that specialises in the issuance of debit and credit cards, has announced that it would be looking to roll out its crypto to fiat cards in the European region including the EU and the UK as well.
This is likely to be a big boost to the industry in the EU region as it would then bring the cryptocurrencies closer to the mainstream users over some time. One of the major goals for the crypto industry is to bring in mainstream users as, over the last few years, we have been seeing the same set of users looking to move from one chain to another. It is only during the last year or so, that the regulators, as well as the mainstream users, have started to sit up and take notice of the fact that the cryptocurrencies are here to stay.
Nuvei’s Chair and CEO, Philip Fayer, commented: “The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings. With this program, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
Using this card, the users will be able to buy and sell cryptos and when they sell cryptos, which can be done at the click of a button, the fiat that they get can be used onward at business establishments that are insistent on accepting only fiat currencies. This is possible due to the Visa Principal Membership and the EMI license that Nuvei has and also due to the infrastructure that is provided by Simplex.
Simplex operates in the EU region and it provides a fiat to cryptocurrency gateway and has established partnerships with several banks, payment gateways, and others. The company was acquired by Nuvei during this year for exactly this purpose and it is now reported that the integration of the companies is complete which has helped Nuvei to launch this service. The reach of both these companies would help to kickstart this campaign and it is expected that the increased userbase would not only help the companies as such but would also be able to bring the cryptos industry closer to the people which will help other crypto businesses as well.