Nuvei to roll out debit card with crypto functionality

Karthik Subramanian

Nuvei, one of the card payment startups based out of Canada, has announced that it would be launching its new crypto to fiat debit cards all over the European Union and the UK in the coming months.

The company will be doing this through its subsidiary Simplex which it had acquired in May exactly for this purpose.

Nuvei Piggybacks on Simplex

Simplex would provide the regulatory backup that this sort of a service requires and also the infrastructure as it already has a fiat to crypto gateway that connects various market participants including banks, payment gateways etc. Nuvei would depend on this to provide the crypto to fiat conversion services to its users who would then be able to use their debit cards for crypto buying and selling and any crypto that is sold would be converted into fiat which the users would be able to spend at businesses that accept only fiat.

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 programme, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”

Nuvei Opens the Doors

Nuvei also has its Visa Principal membership and EMI license which can be used to give its partners firms the power to allow their users to be able to spend their fiat obtained from their crypto sales at many businesses. This would be possible at any place where Visa is accepted currently and this means that the debit cards can be used at thousands of establishments across Europe.

This is expected to be the next level in the mainstream usage of crypto as more users become aware of the benefits involved in crypto. Of course, like any asset, it is liable to fluctuations in price and the associated risk as well but it is clear that it is here to stay and with many regions looking to regulate the crypto companies, it is likely that the trust would increase for the industry which is then likely to drive in more users. With a variety of different products being offered by the various businesses involved in the industry, the adoption would only get smoother and faster as well.

Read this next


BlockDAG’s $28.5M Presale Ignites Investor Frenzy! Dashboard Upgrade Unveils Top Rankings, Overshadowing Retik Finance Listings!

Learn how BlockDAG’s updated dashboard, featuring detailed community rankings, is diverting investor interest from Retik Finance’s anticipated market entries.

Digital Assets

Gala Games reportedly hacked for $200 million, token nosedives

The native token of crypto gaming project Gala Games (GALA) dropped sharply amid rumors of a massive transfer worth over $200 million that traders suspected might be a hack.

Digital Assets

Ether skyrockets amid rumors of spot ETF approval

The chances of the U.S. government approving spot Ether ETFs have increased, according to top Bloomberg ETF analysts. Initially viewed as unlikely, analysts James Seyffart and Eric Balchunas now see a 75% chance of approval, up from 25%, following recent developments.

Digital Assets

New York judge approves $2 billion settlement with Genesis

A New York bankruptcy judge has approved a $2 billion settlement between the New York State Attorney General’s office and crypto lender Genesis, marking the largest settlement against a crypto firm in the state’s history.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, ECB, Geopolitical Tensions, May 20 ,2024

Fed holding rates to fight inflation, ECB likely cuts June rates, geopolitical tensions favor safe-haven USD

Digital Assets

Grayscale CEO steps down, replaced by Goldman Sachs veteran

Grayscale CEO Michael Sonnenshein after 10 years with the digital asset investment firm, the company said on Monday.


Influencers Fuel BlockDAG’s $28.4M Presale Amid Solana Price Surge & Kaspa Bull Run

Dive into BlockDAG’s presale success, boosted by influencer endorsements. Explore the Solana price surge and Kaspa’s bullish sentiments.

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 20 May, 2024

EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

Digital Assets exec arrested for $1.9 million exploit, claims bail in UK

Jarett Dunn, a former employee of the memecoin creator and trading platform, claims he was arrested and subsequently released on bail in the United Kingdom following a $1.9 million exploit on the platform.