Canadian Firm Nuvei Acquired Simplex For $250M

Canadian Firm Nuvei Acquired Simplex For $250M
  • Canadian firm acquired cryptocurrency company simplex for $250 million.
  • The company is estimated to process $2 billion this year.
  • Nuvei supports 470 local and alternative payment methods.

The acquisition of the cryptocurrency company SimplexCC Ltd in an all-cash deal for $250 million, announced by the publicly-listed Canadian firm Nuvei Corporation. Simplex to enhance the firm’s portfolio of alternative payment method solutions, expected by Nuvei.

Furthermore, a unique combination of a cryptocurrency brokerage platform and a payment gateway solution to some of the biggest crypto exchanges is Simplex. Simplex provides us to purchase the desired cryptocurrencies without a worry at some reasonable price. The payment processing is very fast.

Moreover, the crypto on and off-ramps alongside the ability to provide Visa cards to crypto consumers offered by the Digital currency startup. Accordingly, in the last year company noted, it processed approximately $500 million of total volume and this year estimated to process $2billion.

Nearly 470 Local and Alternative Payment Methods Supported by Nuvei

An electronic payment processing company is Nuvei (formerly Pivotal Payments). Nuvei supports 470 local and alternative payment methods almost nearly 150 currencies and 40 cryptocurrencies

Canada’s largest private and non-bank payment processor n Nuvei and the company went public in September 2020 acquiring a $700 million initial public offering(IPO) on the Toronto Stock Exchange(TSX).

Simplex CEO and Cofounder Nimrod Lehavi said, 

“Today is a very special day for all the Simplex team, as well as the entire cryptocurrency community”

Additionally, the CEO said, “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the chain space and the traditional finance world. We couldn’t have thought of a better partner for us, and we are excited for what the future holds”.

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