Binance’s Payment Gateway Partner Simplex Adds Support for Japanese Yen & Canadian Dollar

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by Christopher Hamman · 3 min read
Binance’s Payment Gateway Partner Simplex Adds Support for Japanese Yen & Canadian Dollar
Photo: KMR Photography / Flickr

It has become known that payment services gateway Simplex adds support for the Canadian Dollar (CAD) and the Japanese Yen (JPY).

Top electronic payments gateway provider Simplex has added the Japanese Yen (JPY) and the Canadian Dollar (CAD) to its platform for fiat conversions. Sources indicate that the top payment gateway for many of the top cryptocurrency exchanges indicated this today.  Simplex is a fiat payments partner for many of the top cryptocurrency exchanges which include Binance, Huobi, Poloniex, OKCoin, KuCoin, Xapo, Ledger and Abra.

“We’re not handling crypto directly ourselves but rather enable our partners to interact with the fiat world. We handle the fiat side of the purchase and our partners supply the crypto to the users,” Simplex founder and CEO, Nimrod Lehavi, revealed to sources.

This, of course, includes all the fees and charges that are involved with a fiat gateway transaction. Simplex’s business model allows it to absorb the trading fees while it utilizes a unique Artificial Intelligence model for fraud tracking and prevention. In the case of chargebacks, the payment gateway will handle all costs incurred and will also pay the seller due to its “zero-fraud” guarantee. This also doesn’t mean that Simplex will add the payments directly to the interfaces of the exchanges. They will do that and expectedly soon.

Nimrod also noted:

“CAD and JPY are just the first two currencies we are adding, with many more to come soon.”

This comes amidst further indications from sources that other currencies such as the Turkish Lira will also be added to the payment gateway infrastructure also indicating that japan and Canada a top market for both cryptocurrencies and credit card transactions at the same time.

With over 120 global partners and a framework that works intuitively, the payments infrastructure partner currently has already put in place chargeback prevention mechanisms that work with one of the highest rates of accuracy when it comes to successful transactions.  Nimrod said:

“Normal fees range between 2-3% and sometimes even higher rates apply, depending on the currency. When a Simplex user makes the purchase in his own card’s base currency, like JPY for example, no forex fees will be added to the purchase, and simplex will handle the transaction,”

This has also made it easy for the user as the transaction becomes easier to manage on the user’s end unlike in other traditional payment gateways where the chargebacks are handled by the merchant and not the payment processor. This also allows for a zero loss of liquidity on the part on the cryptocurrency exchanges as they also can now focus on their core business activities without the concerns that trail such transactions.

With funding to date of about $18 million, Simplex has an electronic money institution license from Lithuania and also is able to do its business within the European Union based on this. With a human resources estimate of about 100 people, the payment services gateway is also looking behind the scenes for talent and will also expand into new markets sources further indicate.

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Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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