NEM Blockchain Teams With Simplex To Enable Fiat Credit And Debit Purchases Globally

NEM Blockchain Teams With Simplex To Enable Fiat Credit And Debit Purchases Globally

October 29, 2020

NEM Group has teamed with Israeli payments firm Simplex to make XEM, NEM blockchain’s native token, purchasable by credit and debit card across Simplex’s global network of partners, including exchanges, brokers, and wallets.

NEM Group supports the development of Symbol from NEM, an enterprise blockchain that smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built to help businesses cut costs, reduce complexities, and streamline innovation. Symbol provides a platform for new business models and innovation, bringing together developers, and enabling countless possibilities for blockchain.

XEM is the native currency of NIS1, NEM’s original blockchain platform. NEM recently announced the opt-in process to Symbol, in which users will be eligible to receive equivalent XEM=XYM tokens on Symbol. To accommodate existing NIS1 users, the two chains will continue to run side-by-side.

Simplex provides fraud-free payment processing solutions worldwide. Working alongside the biggest names in the crypto ecosystem, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. The payment processor uses artificial intelligence (AI) technology to analyze every transaction using proprietary, fully automated, machine-learning algorithms that eliminate fraud, while increasing conversion. As a licensed EU financial institution, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020.

According to NEM, the Simplex partnership will broaden the reach of XEM by making the cryptocurrency available to Simplex’s vast network of partners, including exchanges, brokers, and wallets, such as Binance, Huobi, Bitpay, among hundreds of others.

“We’re excited to make XEM more globally accessible through Simplex’s vast network of partners and exchanges,” said Nicholas Pelecanos, Head of Trading at NEM. “Simplex’s user experience is unparalleled, and we’re thrilled to work with this industry behemoth to extend NEM’s global reach. This will enable anyone, anywhere, to have a foray into NEM and the digital assets space, democratizing access and propelling the industry forward to the next phase of adoption.”

“Simplex gives anyone, anywhere, the ability to buy crypto securely and easily”, said Nimrod Lehavi, Simplex CEO and founder. “We’re excited to partner with NEM Group to give millions of people access to XEM, through our network of trusted partners.”

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