Simplex Offers XEM Fiat On-Ramp Ahead Of Symbol Migration

The native token for NEM on its original NEM blockchain (NIS1), the XEM coin, is now capable of being purchased through the use of credit or debit cards. This comes thanks to a new partnership made with Simplex, a crypto payment gateway.

Mutual Benefit Gained

Simplex stands as a provider for fiat on-ramp infrastructure across a number of brokers, crypto exchanges, and wallets. The agreement itself will allow holders of XEM to settle and conduct crypto transactions, still considered a business grey area, albeit rife with regulations and KYC requirements.

The user base for NEM stands to benefit from the fiat debit and credit purchase options that Simplex provides. Alongside this, this support stands to help XEM holders prepare for the oncoming launch of Symbol from NEM, which stands as an enterprise-grade blockchain solution.

Expanding Into New Territories

The company explained that this new partnership would allow for an easy global on-ramp for XEM through gaining access to the extensive global network of exchanges that Simplex offers. The company stated that Simplex would help broaden XEM’s reach by way of increasing the flexibility of purchasing that users hold.

Simplex typically mandates a fee of 3.5% per transaction, further mandating a minimum purchase amount of $10. Various restrictions are applied to the purchases as well, with the most prominent being a maximum limit of $20,000 for daily transactions through debit or credit cards. Alongside this stands a monthly limit of $50,000

Simplex, based in Israel, combines fraud prevention and crypto payment processing technology. Alongside this, the firm provides a KYC opt-out feature when it comes to purchases valued less than $150, with the amount calculated for the user’s entire lifetime. The startup further enables its merchant to accept a large array of payment methods, including credit card purchases and deposits. Alongside this, these merchants hold no exposure to the risks of chargeback.

Using The Best Tools At Hand

Simplex already stands as partners for several heavyweight exchanges, such as Huobi and Binance, allowing the users of these exchanges to purchase crypto with their credit cards. Its most recent move included adding support for Bitcoin SV, the controversial cryptocurrency backed by Craig Wright, one of the many “Faketoshis” out there.

Nicholas Pelecanos stands as NEM’s Head of Trading, and gave a statement about the matter at large. He stated that NEM, as a whole, is eager to make the XEM token globally accessible by way of SImplex and its vast network of exchanges and partners. He highlighted the user experience Simplex offers, describing it as “unparalleled,” and highlighting XEM’s pleasure in working with such an industry behemoth.