JPEX Partners with Simplex by Nuvei to Issue Crypto Cards

Summary:
• JPEX partners with Simplex by Nuvei to issue cards that support cryptocurrencies. We discuss what the deal means for institutions and users.

The digital asset bank JPEX has announced a partnership with cryptocurrency infrastructure provider, Simplex by Nuvei. Because of this agreement, JPEX will begin issuing crypto-friendly cards to its customers. Cardholders will be able to spend their cryptocurrency earnings on a wide variety of goods and services while also making relatively small cryptocurrency investments. Users can now sign up to start receiving their JPEX cards in Q4 of 2022, following a successful incorporation and pre-order period.

JPEX and the growing popularity of crypto cards

The partnership is an effort by JPEX to solidify its position in the rapidly expanding market. Nuvei’s Simplex is a global fiat/crypto infrastructure that has obtained approval to operate in the European Union. The collaboration between these cutting-edge services has produced a crypto on-ramp infrastructure that allows users to buy cryptocurrencies with their debit and credit cards.

When it comes to industry protocols, Simplex has been consistently at the forefront of innovation, actively fostering and increasing its portfolio of supported cryptocurrencies. The introduction of the JPEX cards is highly pertinent to JPEX’s principal mission of connecting conventional financial institutions with digital assets. The United Kingdom and the European Economic Area (EEA) will be the only areas where users will access these cards. The two companies expect this collaboration to significantly boost the widespread use of cryptocurrencies around the world.

With the introduction of crypto debit cards, a common point of interaction between cryptocurrency and fiat currency has been established. This is helping fuel the cards’ rising popularity. Furthermore, more retailers accept these cards because they often require no new support infrastructure investments. This will likely speed up the integration of digital assets into the mainstream economy. Also, more financial institutions will likely begin issuing cryptocurrency credit cards as major payment networks such as Visa and Mastercard compete for a piece of the cryptocurrency market.