Simplex partner network of hundreds crypto outlets globally, can now offer their users the popular USDT on/offramp solution to continue drive growth of the ecosystem
TEL AVIV, ISRAEL / ACCESSWIRE / October 29, 2020 / Market leader Simplex has enabled rolled out Tether (USDT) offramps across its vast partner network. Partners, such as exchanges, brokers, and wallets, can add the new feature immediately, opening up the capability to their users, globally. A key element in the mission to enable anyone, anywhere to purchase any way, this integration is currently available to Simplex partners.
One such Simplex partner that enables the sell of USDT is Poloniex. Poloniex, a leading crypto exchange platform, launched the feature offering great flexibility to their users. Commenting on the launch, Poloniex VP of Product and Business Development, Edward Leestated, “We’re excited that our partnership with Simplex has enabled us to grow the ecosystem in many global markets and innovative ways.”
Commenting on the feature launch, Head of Marketing, Rachel Siegman stated, “We are continuously pioneering new methods to grow the ecosystem and add value to our partner network. We are excited to offer our partners and their users the ability to easily and securely transact with Tether.”
By enabling the selling, as well as the purchase of USDT, on their partners’ platforms, Simplex helps individuals around the world freely interact with the popular digital asset that lives on three different blockchains. Tether has come into its own this year, with70% of exchange trade volume denominated in USDT pairs. In addition to being the leading base pair throughout Asia, the stablecoin is increasingly popular with Latin American users. As such, enabling the sell of USDT to their users helps exchanges and brokers grow their reach and expand to new markets.
The recent fiat economic dip, as well as turbulence within the world of digital assets, has influenced the popularity of USDT. When turbulence threatens the price of assets such as bitcoin (BTC) and ether (ETH), many traders instinctively swap into USDT to protect their positions. Cumulative USDT volume recently surpassed $600 billion, placing it ahead of PayPal for daily average transaction value.
Tether dominates the expanding stablecoin market with a market cap of around $16 billion, having witnessed a fourfold increase in 2020. Because it is pegged 1:1 to the US dollar, it represents a useful hybrid between the worlds of crypto and fiat, enabling swift and cheap transactions. By introducing USDT offramp, Simplex and its partner network will provide millions of users with a frictionless crypto/fiat trading experience.
Simplex’s partner network includes companies in the decentralized finance (DeFi) world such as MakerDAO, as well as major centralized exchanges such as Binance, OKEx and Huobi. In total, the company has over 200 partners composed primarily of exchanges, brokers, coins, and wallets all of whom can now benefit from adding USDT on/offramp to their suite of product offerings.
Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, we pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex Banking offers the Simplex fraudless payment processing, with global payment accessibility. Working alongside the biggest names in the crypto ecosystem, including Binance, Huobi, Bitpay, among hundreds of others, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020. Put simply, Simplex is making crypto accessible to humans, turning the complex into the Simplex. Keep up with the latest Simplex news by following us on Twitter or visiting www.simplex.com.
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