Coinspeaker
VideoCoin Partners with Simplex and Adds Fiat Payment Gateway

VideoCoin, the decentralized video encoding, storage and content distribution network, has partnered with leading fiat payment processor Simplex. As part of the agreement, Simplex will support VideoCoin’s native ERC20 utility token VID, which is available on major exchanges KuCoin and Bittrex. VideoCoin will also utilize Simplex’s industry-leading fiat gateway, allowing users to purchase cryptocurrency via debit or credit card.

The integration adds new capabilities to fast-growing California startup VideoCoin, who announced commercial availability of its eponymous network in May. VideoCoin securely connects developers of video services and applications with idle and underutilized computer resources to bring scalability to the world of video processing. The platform’s VID token is used primarily to enable worker selection and provide enhanced staking rewards.

Nimrod Lehavi, Simplex CEO, said:

“We are very happy to partner with VideoCoin, whose video processing infrastructure has huge potential for dApp developers. Thanks to the integration of Simplex, VideoCoin users can now securely acquire cryptocurrency with credit and debit card, and the VID token achieves even greater utility.”

Simplex’s turnkey solution has become the industry standard thanks to partnerships with major platforms such as Binance, MakerDAO, Celsius and OKEx. By implementing the Israeli company’s trusted fiat rails, entities in the cryptocurrency industry are able to reduce barriers to entry for users without having to handle traditional currencies or go through bank onboarding.

In May, VideoCoin partnered with blockchain payment firm Public Mint, enabling customers to pay in their local fiat currency and for workers to receive payment for work, deposited into their traditional bank accounts. By broadening support for fiat purchases of crypto via Simplex, VideoCoin aims to offer the best of both worlds.

The VideoCoin Network is a decentralized video infrastructure that provides developers with video processing services that are simple to use and inexpensive compared to centralized providers. Developed by the VideoCoin Development Association Ltd. and implemented by services provider Live Planet Inc, the VideoCoin Network runs on a new blockchain and is enabled by a native protocol token, VideoCoin (VID). Powered by a large-scale, distributed video infrastructure, the VideoCoin network marshals underutilized computing resources from around the world to revolutionize enterprise-grade video services with blockchain technology.

Simplex is an EU-licensed financial institution, providing the fiat infrastructure for the crypto industry. Simplex processes credit card payments with a 100% guarantee – in case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s cutting-edge fraud prevention solution and proprietary state-of-the-art AI technology blocks fraudulent users and allows legitimate users to complete payments with ease, increasing conversion rates and enabling merchants to focus on their business growth.

VideoCoin Partners with Simplex and Adds Fiat Payment Gateway

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