Fiat-to-crypto onramp Simplex integrates SEPA Instant for European partners

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Cryptocurrency payment provider Simplex has added SEPA Instant to its list of payment methods, giving European partners the ability to transfer funds to digital assets with greater ease and flexibility.

SEPA stands for Single European Payment Arena, which allows the harmonization of payments throughout the European Union. With SEPA Instant, transfers are processed and settled in seconds. The fully automated process is connected to the traditional payment system but is much faster than traditional bank transfers.

For Simplex, SEPA Instant is seen as a major step in promoting the seamless adoption of digital assets. Under the new partnership, European users will have the ability to make instant deposits through Simplexs partners, including Changelly and Poloniex, faster and at a lower rate than traditional debit or credit cards. Users can also create a Simplex bank account, which allows them to receive their funds from various Simplex partners.

SEPA Instant allows automated transfers of up to $ 119,000, or 100,000 euros, 24 hours a day, 7 days a week. The full processing limit will be available to Simplex users and partners.

Several leading companies have registered for the Simplex fiat ramp. As Cointelegraph reported, the Polkadot Network adopted the payment system in March, allowing users to purchase DOT tokens with credit cards, debit cards, Apple Pay, and bank transfers.

Related: Visa Reports Over $ 1 Billion In Crypto Spending In H1 2021

In December 2020, Simplex entered into a partnership with Visa focused on crypto debit cards.

Over the past year and a half, Simplex integration has also reached Binance, Celsius Network, and the Opera browser extension.

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