The native token of the NEM blockchain, XEM, can now be bought on Simplex using credit and debit cards. The crypto project recently partnered with the crypto payment gateway to bring the fiat on-ramp for customers.
New fiat on-ramp
Simplex provides fiat on-ramp infrastructure to crypto exchanges, wallets, and brokers. The agreement will allow XEM holders to conduct and settle cryptocurrency transactions which are often difficult to connect with the fiat ecosystem because of a lack of KCY requirements. The crypto industry doesn’t follow the KYC and AML requirements prevalent in the traditional banking environment.
The NEM userbase will be benefitted from the use of the fiat credit and debit card purchase options on Simplex. The support will also be useful for the launch of Symbol from NEM, the latest enterprise-grade blockchain solution from the project.
The company noted,
“This partnership will provide an easy global on-ramp to XEM, enabling access to Simplex’s extensive network of exchanges globally. By providing users with greater flexibility in purchasing, Simplex will broaden the reach of XEM.”
What does a Simplex offer?
Simplex provides payment gateways with a 3.5% charge on the value of the transactions. The minimum purchase amount on the platform is $10. There are several other restrictions on the platform which include a daily limit of $20,000 on transactions using debit or credit card. The maximum monthly limit is $50,000.
Simplex is based in Israel and offers crypto payment processing with fraud prevention technology. It also provides a KYC opt-out feature for purchases worth less than $150. However, this amount is calculated for the entire lifetime of the users. The startup also provides merchants the ability to accept a diverse range of payment methods, including credit card deposits and purchases and offers zero exposure to chargeback risk.
The firm has partnered with top crypto exchanges like Binance and Huobi and allows its users to buy cryptocurrencies with credit cards. It also added support for Bitcoin SV recently.