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

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<