Simplex merger with bitpay for efficient cryptocurrencyJanuary 28, 2020
Cryptocurrency has become one of the significant adoptions globally. Additionally, due to technological development, the currency is shifting from real money to a digitalized form of currency based on blockchain technology. Cryptocurrency relies on a robust computational and hardware power that makes it difficult to encounter hacking. However, security features should be developed to prevent future hacking.
Simplex, an Israeli cryptocurrency, has merges with Bitpay to prevent fraud. Likewise, Bitpay also allows crypto maniacs to accept numerous payment media that entail credit card payments and acquisitions with no chargeback risk exposure. Long processing durations are a significant challenge for diverse cryptocurrency Industries. Clients have to wait for days for their transactions to be processed and approved. Thus a considerable setback for cryptocurrency.
However, the merger between Simplex and BitPay has resulted in a new age of faster exchanges quantified to an hour. Through developing an App, buying and selling of cryptocurrency can be accessed through the App with faster transactions. BitPay remarked that the partnership with Simplex has resulted in a quicker exchange process that allows clients to access cryptocurrency at least an hour after a transaction successful transaction.
Bitpay is endowed with high-tech facilities that accelerate various transactions and validates, monitors, and approves customer’s dealings on every blockchain. Also, Bitpayu offers to its clients’ multiple cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum. Recently, the company added other digitalized currencies that entail Gemini Dollar and Circle USDC. Likewise, providing numerous cryptocurrency selections enhances trust hence builds loyalty to the customers. Also, customers can choose the type of cryptocurrency convenient for them.
On the other hand, Simplex has made significant strides through a partnership with other leading cryptocurrencies like Huobi and Binance, that allow customers to purchase cryptocurrencies using their credit cards. Furthermore, Simplex has introduced Broxus to a wallet that will facilitate bitcoin transactions directly through Telegram. The partnership will result in a convenient form of cryptocurrency to the majority of its customers.
Despite the information disclosed about the partnership between Simplex and other companies, Simplex imposes 3.5% on every transaction with a $10 minimum buying amount. Also, the company restricts daily purchases to a maximum of $20,000 in daily deal and $50,000 maximum limit in each month.
Simplex spokesman noted that BitPay had encountered significant strides in cryptocurrency development hence obtaining a vast number of users satisfied with the credit card crypto services and faster transaction periods. He further added that leaders in the industries are working tirelessly to provide the best user experience and develop on user adoption.