Edge, the blockchain asset security platform and mobile cryptocurrency wallet, has announced a partnership with Israeli-based credit card payments provider Simplex. This collaboration allows Edge’s users to sell several cryptocurrencies to their Visa and Mastercard credit or debit cards.
The “crypto cash out” functionality went live in a beta release today, enabling the wallet’s customers to use their cards to transact Bitcoin, Ether, Litecoin, and Ripple’s XRP.
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Edge was founded in 2014 as a security-centric blockchain platform and multi-asset wallet. The company rebranded from Airbitz to Edge Wallet in 2017 to offer an open source, non-custodial wallet, which employs a modular architecture that allows it to transact with different coins.
Although the exact details of the partnership were not disclosed, 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.
Credit and debit card processing for crypto purchases
Simplex has signed partnerships with leading crypto exchanges, most recently with Binance to enable users to buy cryptocurrencies with their credit cards directly on Binance.com The service is also subject to area restrictions, with users in countries like Cuba, Iran and Iraq are prohibited.
Commenting on the news, Edge CEO Paul Puey, said: “We are incredibly excited to offer this new functionality in partnership with Simplex. Simplex has been an early leader in offering crypto payment processing, allowing people to acquire bitcoin and other cryptocurrencies with credit cards around the world. Now users have the freedom to effectively spend crypto directly from their credit card of choice. Since our founding in 2014, making crypto usable as a transactional currency has been one of our top priorities and this new functionality brings us a major step closer to that dream.”
Nimrod Lehavi, Simplex CEO, added: “We’re thrilled to expand our long-standing partnership with Edge and start enabling users to cash out of crypto and not only to buy into crypto. One of the main concerns of mainstream new users is cashing out after they have bought in, and we’re excited to start enabling it. We’re certain that this capability will increase crypto adoption by freeing users to do as they see fit.”