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Fiat-to-Crypto Onramps Provider Simplex to Be Acquired for $250 Million

Finance

u.today 06 May 2021 12:35, UTC
  
Reading time: ~1 m

Canadian financial services company Nuvei is in advanced talks to acquire Israeli crypto-to-fiat onramp provider Simplex for up to $250 million, local technology news site CTech reports. The deal is expected to be inked in the coming days.  

Founded back in 2014, Simplex has grown into a 150-strong company with employees operating from offices in Israel and Lithuania.   

Simplex is mostly known for enabling credit card payments on major exchanges such as Binance.     

The shares of Nuvei—whose market cap is estimated to be roughly $10 billion—are trading on the Toronto Stock Exchange. Its annual turnover exceeds $16 billion.  

The Simplex acquisition is the latest example of cryptocurrency M&A deals are picking up steam. Yesterday, Galaxy Digital announced it had bought crypto custodian BitGo for a whopping $1.2 billion.   


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