Place/Date: - August 30th, 2020 at 5:15 pm UTC · 3 min read
August 24, 2020 — Vid, the new video social media app rewarding their users for the value and growth they bring to their application, today announced its partnership with Simplex, the leading fiat payment processor. As part of the agreement, Simplex will support Vid’s native ERC20 token VI (Value Income), which is utilized to pay the Vid users for their contribution to growing Vid’s network. VI is available on major exchanges, including KuCoin. In addition to the coin enablement, Vid will also implement Simplex’s industry leading fiat gateway, enabling users to seamlessly purchase cryptocurrency via debit or credit cards.
Vid pays its social media users for the value they provide in growing the app. Vid is fast tracking the global adoption of crypto as everyday social media users take to the app to be remunerated. VI is earned natively on the platform for activities like creating videos, watching and engaging with the platform’s content. The VI token is also used natively within the app to purchase a spot on the trending page and in the future will be used to pay for usernames and as micro payments to top content creators. Advertisers will be able to purchase the VI token to advertise on the Vid platform. Partnering with Simplex enables Vid to bridge the gap between crypto and traditional financial systems, bringing new users to the industry and accelerating crypto adoption.
Simplex founder and CEO Nimrod Lehavi said:
“Simplex is driven by the underlying mission of accelerating crypto adoption. Our partnership with Vid offers users an easy, and secure way to onramp using their debit and credit cards, in the click of a button.”
Jag Singh, Vid CEO, added:
“Integrating Simplex purchasing on our website vid.camera will enable our users to quickly and easily buy VI using their credit/debit card. This VI can then be used in the Vid app. It simplifies the whole flow for onboarding non crypto users, which is what Vid is all about!”
Simplex’s turnkey solution has become the industry standard in fiat onramps, thanks to its seamless user experience, security, and full chargeback protection that are guaranteed to merchants and users worldwide. By implementing Simplex’s trusted fiat rails, entities in the cryptocurrency industry are able to reduce any barriers to entry for users, without having to handle traditional currencies or go through bank onboarding.
Vid is a video social media app that pays its users for the contribution they make to growing, engaging and using Vid. This new business model identifies the value in users and remunerates them accordingly. Payments are received in Vid’s native cryptocurrency VI which is purchased by investors and advertisers wanting to advertise on the app. Vid is revolutionizing the way users are valued.
Simplex is an EU-licensed financial institution, providing the fiat infrastructure for the crypto industry. Simplex processes credit card payments with a 100% guarantee – in case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s cutting-edge fraud prevention solution and proprietary state-of-the-art AI technology blocks fraudulent users and allows legitimate users to complete payments with ease, increasing conversion rates and enabling hundreds of partners to focus on their business growth.