Nuvei Corporation, a Canada-listed payment processing company with a market capitalization of nearly $10 billion, has agreed to acquire crypto firm Simplex for $250 million.
Announcing the news on Thursday, Nuvei said the deal is all in cash and is expected to close in the second half of this year, subject to regulatory approvals and other conditions.
Simplex is an Israel-based crypto payment processor, providing on-ramp and off-ramp services to crypto exchanges and firms, including Binance and Huobi. Nuvei said Simplex processed around $500 million of total volume in 2020 and is expected to process more than $2 billion of total volume in 2021.
“Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments,” said Nuvei chairman and CEO Philip Fayer. Nuvei’s commerce platform connects merchants in 200 markets, supporting 470 local and alternative payme
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