Simplex, the leading payments processor has expanded its global network by offering support for Bitcoin SV. With Simplex catering to 150+ partners such as crypto exchanges, wallets, and other gateways, it is expected to help further the adoption of BSV.
Simplex Offers Support For Bitcoin SV
According to recent announcements, Simplex is extending its product offering by supporting Bitcoin SV ( BSV ) across its global network. Simplex is a fintech company that processes payments for online merchants, and is currently the largest fiat processor for digital currencies on a global scale. With the integration, Bitcoin SV will reach a much larger user base by leveraging the extensive network that Simplex serves. Simplex currently has 150+ partners, with a strong presence in the crypto environment. Some of the partners include top exchanges, wallets, and other gateways. Investors use Simplex on a daily basis to fund their crypto exchanges through various payment options. Some exchanges that rely on Simplex include Bitfinex, Bithumb, Bitmart, BitMax, CoinEx, DigiFinex, OKEx, Huobi, Poloniex, and others. With Simplex being integrated into these exchanges, investors will have the option of secure and quick BSV on-ramps.
VP of Business Development at Simplex, Ari Last stated that:
“We’re thrilled to team up with Bitcoin Association to enable global, secure, and instant BSV onramp across our broad network of partners. Along with the crypto-friendly banking Simplex now offers, this step ensures users’ unparalleled flexibility in the ecosystem.”
The Bitcoin Association is the entity behind Bitcoin SV that drives advancement in the ecosystem. The group’s goal is to bring Bitcoin SV to everyday use by collaborating with various enterprises, startups, developers, merchants, crypto exchanges, and other services providers.
Regarding the announcement, the President of Bitcoin Association, Jimmy Nguyen stated that:
“Simplex’s addition of Bitcoin SV support signifies yet another milestone on the journey towards wide-spread global adoption of BSV. Through Simplex and its extensive partner network, it just became much easier for consumers in numerous geographic territories to acquire BSV by simply using a payment card. Furthermore, as a licensed financial institution in the European Union, Simplex brings the regulatory-compliant approach we expect to see at Bitcoin Association, as we work to build business with Bitcoin SV in a lawful manner.”
The Bitcoin Association Continues To Expand In 2020
Despite global uncertainties from COVID-19 in 2020, the Bitcoin Association has continued to move forward. Earlier in May, it was reported that the Association had registered as a Swiss non-profit in Switzerland. The association states that it has grown to 1,500+ members from 65 different nations. At the time of the expansion, the group mentioned that expansion in Switzerland was due to the region’s strong interest in financial technology and digital currencies. Outside of Switzerland, it’s obvious that the group continues to build momentum, especially with the Simplex integrations for BSV.
How BSV Benefits On Simplex
With Simplex catering to 150+ partners, BSV will be exposed to millions of digital asset users that can acuqire BSV with their payment cards. The Bitcoin Association believes that once users see the utility behind BSV, it will result in increasing demand on a global scale. Unlike Bitcoin, Bitcoin SV transaction costs are extremely low, costing only fractions of a cent. In addition, Bitcoin SV offers much faster transaction speeds than Bitcoin.
More About Bitcoin SV
Bitcoin Cash ( BCH ) developers engaged in a hard fork in 2017, which was a spin-off of the original Bitcoin blockchain. In doing so, the developers were able to create Bitcoin Cash. This was originally initiated to create increasing block size and overall efficiency. Even after the fork into Bitcoin Cash, the community believed more scalability was needed. In 2018, another fork was implemented in order to increase maximum block sizes to 128MB. In doing so, the fork resulted in a new cryptocurrency, Bitcoin SV.
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