Nuvei’s Simplex selected as crypto on-ramp for Ledger wallets
Ledger today announced that users of its popular crypto hardware wallet are now able to purchase cryptocurrency directly in the App with bank cards after it has inked a partnership with Canadian payments firm Nuvei.
The collaboration also leverages Nuvei’s infrastructure proprietary fraud and risk management tools through integration with its subsidiary, Simplex.
Announced today, the agreement will give Ledger users a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.
Specifically, the integration provides Ledger users with direct access to purchase 125+ cryptocurrencies using all the leading fiat funding options, including through Visa, Mastercard, SEPA, and SWIFT. The process can be done without having to go through external exchanges and fiat-to-cryptocurrency payment gateways.
This is key to maximizing security for over 4.5 million Ledger hardware wallets, as it skips the additional steps of interacting with exchanges and temporarily abandoning the security of the device. Per its own statics, nearly 20% of the world’s digital assets are secured by Ledger devices.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology. It also enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The service caters to different market participants including exchanges, brokers, wallet and liquidity providers.
Simplex often charges 3.5% fee
“We’re excited to partner with Ledger to let more and more users easily acquire crypto with maximum security. With the number of possible verified uses of crypto in the ecosystem ever increasing, having easy onramps within the wallet is key for the continued growth of the sector,” said Philip Fayer, Chair and CEO of Nuvei.
“Ledger Live is the gateway for digital assets and Web3, and we’re excited to broaden the on-ramp offering on Ledger Live. Simplex by Nuvei is bringing more choice to Ledger customers and focuses on making it easier to enjoy all of the benefits of crypto without centralized custodians,” added Jean-François Rochet, VP of International Development at Ledger.
Founded in 2014, Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy cryptocurrencies with their credit cards. Nuvei acquired Simplex earlier last year in a $250 million cash deal.
Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.