Crypto startup Simplex has added support for Bitcoin SV, the cryptocurrency spearheaded by the self-proclaimed creator of Bitcoin, Craig Wright.
Simplex, which provides fiat gateway infrastructure to several cryptocurrency exchanges, said the addition of Bitcoin SV doesn’t mean its crypto clients will by default add support for the new coin. However, some Simplex’s crypto exchange partners are already supporting Bitcoin SV, including BiKi, Bitfinex, Bithumb, Bitmart, BitMax, CoinEx, Cross exchange, DigiFinex, Huobi, KuCoin, MXC, OKEx, and Poloniex.
The cryptocurrency that was forked out from Bitcoin Cash (BCH) is currently ranked 6th by market capitalization. Despite claims that most of its volume is fake and wash-sales, as well as controversy surrounding its inventor, Bitcoin SV has maintained its position among the top 10 coins when it comes to trading volume and frequently has above $1 billion in daily turnover.
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Israeli-based Simplex combines crypto payment processing with fraud prevention technology. It also enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. Most recently, it has signed mobile wallet provider Broxus to facilitate buying of bitcoin and ether directly via Telegram.
Although the exact details of Bitcoin SV offering were not disclosed, Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Speaking on today’s announcement, Jimmy Nguyen, founding president of Bitcoin Association, commented: “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.”
Ari Last, VP of business development at Simplex also added: “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.”