Simplex, a payments processing start-up, announced today that it would be providing its services for companies that want to launch initial-coin-offerings. The firm will start providing its new service to companies it is already working with.
Simplex was founded in 2014 with the aim of providing payment processing services to the crypto industry. At the time, the crypto market was, as it arguably still is today, much more opaque and it was difficult to gain access to.
Simplex’s founding was in part inspired by founder NimroLeavevi’s experience with bitcoLeavehavi was living in a small town in central Israel and, when he tried to purchase bitcoin, he was unable to as the payments system he was using couldn’t verify his address.
Since then, the firm has managed to raise close to $10 million in funding. Unlike some other start-ups, who have received significantly more in funding, the firm is also now profitable.
Expanding the business
Having started out in the crypto industry, the firm has since branched out and offers its services to any merchant using online payments services. The company claims that its roots in the crypto industry have strengthened it massively due to the high levels of risk involved.
This isn’t to say that the firm will be staying away from the crypto industry. Today’s announcement shows that the company still sees room for expansion in that area.
As noted, the firm will start supporting ICO’s organized by companies it is already familiar with. This, according to Simplex, is to reduce the constraints imposed by on-boarding due diligence.