Bitfinex to Provide Nuvei’s Cryptocurrency On-ramp Service to Capture New Clients

Bitfinex, a digital token trading platform, has teamed up with Nuvei, via its subsidiary Simplex, a fiat-crypto gateway provider, allowing clients to introduce its suite of crypto on-ramp services.

Bitfinex clients with an intermediate verification level will get access to the Simplex funding options. Users can buy a variety of crypto tokens using debit and credit cards. Initially, they will have the option to buy Bitcoin (BTC), Ethereum (ETH), Tether (USDt) and Tether Gold (XAUt), with more tokens to be added in the future.

Simplex’s anti-fraud systems will “underpin all transactions.”

Nimrod Lehavi, CEO and Co-founder of Simplex, a Nuvei company, stated:

“We are thrilled to announce our collaboration with Bitfinex. Bitfinex is a great addition to our strong roster of crypto businesses and exchanges. Our goal is to make cryptocurrency accessible to everyone.”

Paolo Ardoino, CTO at Bitfinex, remarked:

“Our mission has always been to increase the accessibility of digital tokens and provide an optimal trading experience for our growing customer base.” 

As mentioned in the announcement, Nuvei is the international payment technology partner of major brands.

As noted in the update, Nuvei (Nasdaq:NVEI) (TSX: NVEI) offers the intelligence and technology businesses “need to succeed locally and globally, through one integration – propelling them further, faster.”

Uniting payment tech and consulting, they help businesses “remove payment barriers, optimize operating costs and increase acceptance rates.” The firm’s platform offers “seamless pay-in and payout capabilities, connecting merchants with their customers in 204 markets worldwide, with local acquiring in 45 markets.”

With support for more than 500 local and alternative payment methods, almost 210 currencies and 100 virtual currencies, merchants are able to “capture every payment opportunity that comes their way.” The firm’s purpose is to “make our world a local marketplace.”

As covered earlier this month, the Commodity Futures Trading Commission (CFTC) has ordered Tether and Bitfinex (iFinex) to pay $42.5 million in fines, according to a statement by the regulator.

Tether, a leading dollar-based stablecoin, must pay $41 million in regards to claims that Tether (USDT) was fully backed by the US dollar.

Bitfinex, a crypto trading platform, must pay $1.5 million for “illegal transactions” and “violation of prior CFTC order.”

Tether must also cease and desist from any further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

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