While I\u2019m typically not the first to dive into new methods of transacting, I can\u2019t help but wonder if cryptocurrency really could replace our current method of currency. Plus, it\u2019s been scrutinized as a risky investment. If that\u2019s the case, how does all of that digital coin stay protected?<\/p>\n\n\n\n
Fin-tech company, Simplex is stepping up to the plate to provide fraud protection and legitimacy to the cryptocurrency world. Simplex\u2019s technology enables merchants, marketplaces, and crypto platforms to process online payments with fraud protection and chargeback coverage.<\/p>\n\n\n\n
If you are wary about transacting with cryptocurrency, take a look at how Simplex could make online transactions safer.<\/p>\n\n\n\n
Who is Simplex<\/h2>\n\n\n\n![\"Simplex](\"https:\/\/www.moneyunder30.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-03-at-11.11.58-AM.png\")
<\/figure>\n\n\n\nSimplex is an EU-licensed fin-tech (financial technology) company that provides fraud protection and processes transactions globally. In addition, Simplex provides the technology for crypto merchants to accept credit card transactions.<\/p>\n\n\n\n
The company was created by three founders: Nimrod Lehavi, Erez Shapira, and Netanel Kabala. The trio has an impressive background in online transaction technology. Shapira and Kabala worked for PayPal previously and Lehavi is a board member of the Israeli Bitcoin Association.<\/p>\n\n\n\n
A few fast facts about Simplex:<\/strong><\/h3>\n\n\n\n- Start-up founded in 2014.<\/li>
- Based in Tel-Aviv, Israel.<\/li>
- 51-200 employees.<\/li>
- EU-licensed.<\/li>
- $25-$50 million in revenue.<\/li><\/ul>\n\n\n\n
Simplex legitimizes the use of cryptocurrency<\/h2>\n\n\n\n
If you have been on the fence about cryptocurrency, start-ups like Simplex can help legitimize the game. You can liken it to the protection you might find with using PayPal or Stripe. These are third-party payment processors that keep your transaction information out of hackers\u2019 hands.<\/p>\n\n\n\n
According to the Federal Trade Commission<\/a>, Americans reported losing $1.48 billion to fraud in 2018. The most common type of fraud theft is credit card fraud with more than 77,000 credit card frauds<\/a> reported in the third quarter of 2019 alone.<\/p>\n\n\n\nCryptocurrency marketplaces can be a magnet for theft<\/h3>\n\n\n\n![\"Simplex](\"https:\/\/www.moneyunder30.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-03-at-11.14.56-AM.png\")
<\/figure><\/div>\n\n\n\nPart of the reason why fraudsters go after cryptocurrency is that virtual cash can be difficult to trace. According to Reuters<\/a>, cryptocurrency theft increased by more than 400% in 2018. That\u2019s roughly $1.7 billion. Simplex offers a solution by working with crypto merchants to learn more about transaction behaviors.<\/p>\n\n\n\nBinance, a crypto trading platform, uses Simplex\u2019s technology to help users gain access to crypto securely.<\/p>\n\n\n\n
\u201cPartnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally,\u201d said Changpeng Zhao, CEO of Binance.<\/p><\/blockquote>\n\n\n\n
How Simplex works<\/h2>\n\n\n\n
As with any good start-up tech company, it\u2019s built by experienced tech-savvy staff. Simplex uses a proprietary AI algorithm that learns how you transact online. It collects data points from every user and transaction. Then that information can help mitigate potential fraud. Think of it like the sword of Gryffindor from Harry Potter. It only takes in that which makes it stronger.<\/p>\n\n\n\n
Simplex\u2019s AI doesn\u2019t really decline transactions. However, any suspicious transactions are re-routed to further verification through email or SMS. Lehavi says there are a few advantages to their in-flow verification mechanisms.<\/p>\n\n\n\n
\u201cFirst of all, it increases conversion. If you are trying to buy something you\u2019d rather approve your email or your phone number and continue the process instead of being rejected.\u201d <\/p><\/blockquote>\n\n\n\n
Plus, fraudsters can\u2019t test for penetration points and trial-and-error processes are exhausted without breaking Simplex\u2019s protection barrier.<\/p>\n\n\n\n
Does Simplex accept VISA?<\/h3>\n\n\n\n
Yes, Simplex accepts VISA and Mastercard credit and debit cards. It currently does not support American Express<\/a>, Discover<\/a>, or Bank of America<\/a> cards.<\/p>\n\n\n\nYou may want to check with your card carrier first to see if they accept crypto transactions to avoid a potential decline. Also note, pre-paid cards<\/a> are generally not accepted so you\u2019ll want to avoid using one.<\/p>\n\n\n\nWhich cryptocurrencies does Simplex support?<\/h3>\n\n\n\n
While Simplex itself does not provide cryptocurrency, it partners with a variety of merchants who supply crypto. At the time of this writing, you can purchase these types of crypto through Simplex\u2019s partner sites:<\/p>\n\n\n\n
- Bitcoin.<\/a><\/li>
- Bitcoin Cash.<\/a><\/li>
- Ethereum.<\/a><\/li>
- Ripple.<\/a><\/li>
- BNB.<\/a><\/li>
- Litecoin.<\/a><\/li>
- Stellar<\/a>.<\/li>
- Cosmos.<\/a><\/li><\/ul>\n\n\n\n
Who Simplex is best for<\/h2>\n\n\n\n
Simplex meets the needs of crypto merchants and marketplaces who want to provide a way for their users to purchase cryptocurrency online. It also provides credibility for companies. As long as Simplex delivers on its promise of fraud protection, companies could see a boost in their reputation.<\/p>\n\n\n\n
Simplex is best for:<\/p>\n\n\n\n
<\/figure>\n\n\n\nSimplex is an EU-licensed fin-tech (financial technology) company that provides fraud protection and processes transactions globally. In addition, Simplex provides the technology for crypto merchants to accept credit card transactions.<\/p>\n\n\n\n
The company was created by three founders: Nimrod Lehavi, Erez Shapira, and Netanel Kabala. The trio has an impressive background in online transaction technology. Shapira and Kabala worked for PayPal previously and Lehavi is a board member of the Israeli Bitcoin Association.<\/p>\n\n\n\n
A few fast facts about Simplex:<\/strong><\/h3>\n\n\n\n- Start-up founded in 2014.<\/li>
- Based in Tel-Aviv, Israel.<\/li>
- 51-200 employees.<\/li>
- EU-licensed.<\/li>
- $25-$50 million in revenue.<\/li><\/ul>\n\n\n\n
Simplex legitimizes the use of cryptocurrency<\/h2>\n\n\n\n
If you have been on the fence about cryptocurrency, start-ups like Simplex can help legitimize the game. You can liken it to the protection you might find with using PayPal or Stripe. These are third-party payment processors that keep your transaction information out of hackers\u2019 hands.<\/p>\n\n\n\n
According to the Federal Trade Commission<\/a>, Americans reported losing $1.48 billion to fraud in 2018. The most common type of fraud theft is credit card fraud with more than 77,000 credit card frauds<\/a> reported in the third quarter of 2019 alone.<\/p>\n\n\n\nCryptocurrency marketplaces can be a magnet for theft<\/h3>\n\n\n\n<\/figure><\/div>\n\n\n\nPart of the reason why fraudsters go after cryptocurrency is that virtual cash can be difficult to trace. According to Reuters<\/a>, cryptocurrency theft increased by more than 400% in 2018. That\u2019s roughly $1.7 billion. Simplex offers a solution by working with crypto merchants to learn more about transaction behaviors.<\/p>\n\n\n\nBinance, a crypto trading platform, uses Simplex\u2019s technology to help users gain access to crypto securely.<\/p>\n\n\n\n
\u201cPartnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally,\u201d said Changpeng Zhao, CEO of Binance.<\/p><\/blockquote>\n\n\n\n
How Simplex works<\/h2>\n\n\n\n
As with any good start-up tech company, it\u2019s built by experienced tech-savvy staff. Simplex uses a proprietary AI algorithm that learns how you transact online. It collects data points from every user and transaction. Then that information can help mitigate potential fraud. Think of it like the sword of Gryffindor from Harry Potter. It only takes in that which makes it stronger.<\/p>\n\n\n\n
Simplex\u2019s AI doesn\u2019t really decline transactions. However, any suspicious transactions are re-routed to further verification through email or SMS. Lehavi says there are a few advantages to their in-flow verification mechanisms.<\/p>\n\n\n\n
\u201cFirst of all, it increases conversion. If you are trying to buy something you\u2019d rather approve your email or your phone number and continue the process instead of being rejected.\u201d <\/p><\/blockquote>\n\n\n\n
Plus, fraudsters can\u2019t test for penetration points and trial-and-error processes are exhausted without breaking Simplex\u2019s protection barrier.<\/p>\n\n\n\n
Does Simplex accept VISA?<\/h3>\n\n\n\n
Yes, Simplex accepts VISA and Mastercard credit and debit cards. It currently does not support American Express<\/a>, Discover<\/a>, or Bank of America<\/a> cards.<\/p>\n\n\n\nYou may want to check with your card carrier first to see if they accept crypto transactions to avoid a potential decline. Also note, pre-paid cards<\/a> are generally not accepted so you\u2019ll want to avoid using one.<\/p>\n\n\n\nWhich cryptocurrencies does Simplex support?<\/h3>\n\n\n\n
While Simplex itself does not provide cryptocurrency, it partners with a variety of merchants who supply crypto. At the time of this writing, you can purchase these types of crypto through Simplex\u2019s partner sites:<\/p>\n\n\n\n
- Bitcoin.<\/a><\/li>
- Bitcoin Cash.<\/a><\/li>
- Ethereum.<\/a><\/li>
- Ripple.<\/a><\/li>
- BNB.<\/a><\/li>
- Litecoin.<\/a><\/li>
- Stellar<\/a>.<\/li>
- Cosmos.<\/a><\/li><\/ul>\n\n\n\n
Who Simplex is best for<\/h2>\n\n\n\n
Simplex meets the needs of crypto merchants and marketplaces who want to provide a way for their users to purchase cryptocurrency online. It also provides credibility for companies. As long as Simplex delivers on its promise of fraud protection, companies could see a boost in their reputation.<\/p>\n\n\n\n
Simplex is best for:<\/p>\n\n\n\n
Simplex legitimizes the use of cryptocurrency<\/h2>\n\n\n\n
If you have been on the fence about cryptocurrency, start-ups like Simplex can help legitimize the game. You can liken it to the protection you might find with using PayPal or Stripe. These are third-party payment processors that keep your transaction information out of hackers\u2019 hands.<\/p>\n\n\n\n
According to the Federal Trade Commission<\/a>, Americans reported losing $1.48 billion to fraud in 2018. The most common type of fraud theft is credit card fraud with more than 77,000 credit card frauds<\/a> reported in the third quarter of 2019 alone.<\/p>\n\n\n\n Part of the reason why fraudsters go after cryptocurrency is that virtual cash can be difficult to trace. According to Reuters<\/a>, cryptocurrency theft increased by more than 400% in 2018. That\u2019s roughly $1.7 billion. Simplex offers a solution by working with crypto merchants to learn more about transaction behaviors.<\/p>\n\n\n\n Binance, a crypto trading platform, uses Simplex\u2019s technology to help users gain access to crypto securely.<\/p>\n\n\n\n \u201cPartnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally,\u201d said Changpeng Zhao, CEO of Binance.<\/p><\/blockquote>\n\n\n\n As with any good start-up tech company, it\u2019s built by experienced tech-savvy staff. Simplex uses a proprietary AI algorithm that learns how you transact online. It collects data points from every user and transaction. Then that information can help mitigate potential fraud. Think of it like the sword of Gryffindor from Harry Potter. It only takes in that which makes it stronger.<\/p>\n\n\n\n Simplex\u2019s AI doesn\u2019t really decline transactions. However, any suspicious transactions are re-routed to further verification through email or SMS. Lehavi says there are a few advantages to their in-flow verification mechanisms.<\/p>\n\n\n\n \u201cFirst of all, it increases conversion. If you are trying to buy something you\u2019d rather approve your email or your phone number and continue the process instead of being rejected.\u201d <\/p><\/blockquote>\n\n\n\n Plus, fraudsters can\u2019t test for penetration points and trial-and-error processes are exhausted without breaking Simplex\u2019s protection barrier.<\/p>\n\n\n\n Yes, Simplex accepts VISA and Mastercard credit and debit cards. It currently does not support American Express<\/a>, Discover<\/a>, or Bank of America<\/a> cards.<\/p>\n\n\n\n You may want to check with your card carrier first to see if they accept crypto transactions to avoid a potential decline. Also note, pre-paid cards<\/a> are generally not accepted so you\u2019ll want to avoid using one.<\/p>\n\n\n\n While Simplex itself does not provide cryptocurrency, it partners with a variety of merchants who supply crypto. At the time of this writing, you can purchase these types of crypto through Simplex\u2019s partner sites:<\/p>\n\n\n\n Simplex meets the needs of crypto merchants and marketplaces who want to provide a way for their users to purchase cryptocurrency online. It also provides credibility for companies. As long as Simplex delivers on its promise of fraud protection, companies could see a boost in their reputation.<\/p>\n\n\n\n Simplex is best for:<\/p>\n\n\n\nCryptocurrency marketplaces can be a magnet for theft<\/h3>\n\n\n\n
<\/figure><\/div>\n\n\n\nHow Simplex works<\/h2>\n\n\n\n
Does Simplex accept VISA?<\/h3>\n\n\n\n
Which cryptocurrencies does Simplex support?<\/h3>\n\n\n\n
Who Simplex is best for<\/h2>\n\n\n\n