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Edge, a crypto non-custodial wallet and exchange platform, has partnered with payment processing company Simplex and has announced the beta release of its “crypto cash out” functionality.
Formerly Airbitz, California-based Edge was founded in 2014. With this latest announcement, users will now be able to sell different cryptocurrencies including Bitcoin, Ethereum, and Ripple directly to their Visa or Mastercard credit cards.
Specially issued crypto debit cards are quite popular in the crypto space allowing the purchase of debit cards which can then be topped up with Bitcoin and spent at thousands of credit card accepting merchants worldwide.
According to the official release, the crypto cash out functionality will give users the same benefits as a crypto debit card, but allows them to use their existing credit cards and enjoy the benefits of established reward points or mileage programs.
“Simplex has been an early leader in offering crypto payment processing, allowing people to acquire bitcoin and other cryptocurrencies with credit cards around the world,” Paul Puey, Edge CEO, said.
“Now users have the freedom to effectively spend crypto directly from their credit card of choice. Since our founding in 2014, making crypto usable as a transactional currency has been one of our top priorities and this new functionality brings us a major step closer to that dream.”
This new functionality is available in an iOS beta release of Edge, for non-US Visa cardholders initially. The Android beta release will be launched soon, Edge said.
“We’re thrilled to expand our long-standing partnership with Edge and start enabling users to cash out of crypto and not only to buy into crypto. One of the main concerns of mainstream new users is cashing out after they have bought in, and we’re excited to start enabling it. We’re certain that this capability will increase crypto adoption by freeing users to do as they see fit,” Nimrod Lehavi, Simplex CEO, said.
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