Canadian payments firm Nuvei has expanded its tie-up with Visa to launch crypto-friendly debit cards for its partners across the European Economic Area and the UK.
The move will enable Nuvei’s partner firms to spend crypto wherever Visa is accepted while enabling their customers to utilise and instantly spend the funds obtained from crypto sales.
The new cards, which is being introduced under the firm’s Simplex brand, are also expected to simplify the fiat-to-crypto on-ramp and off-ramp process.
According to the companies, the card offers the same spending power to the customers’ crypto holdings similar to traditional currencies.
Nuvei CEO and chair Philip Fayer said: “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.”
The Nuvei-Visa partnership aims to close the fiat-to-crypto-to-fiat loop by helping clients enhance cryptocurrency and digital asset payments.
Previously, fiat-to-crypto-to-fiat process was dependent on cooperation of the legacy banking system.
Visa director of Crypto Solutions in Europe Nikola Plecas said: “Awareness of cryptocurrencies has increasing significantly amongst consumers across Europe, resulting in increased adoption as more people look to access crypto.
“We are excited to be part of this, and by deepening our relationship with Nuvei further, we are delighted to provide consumers with a simple and secure way to spend their crypto.”
Nuvei delivered the first batch of cards to blockchain finance ecosystem COTI this September, enabling the latter to roll out crypto bank accounts and COTI-branded Visa debit cards.
In October this year, Nuvei and Visa partnered to extend digital payouts in the US, following their collaboration to enhance digital payouts in Europe.