More than 200 companies in the Simplex network finally allow the withdrawal of Tether in Euros.
Simplex, a major provider of crypto-to-finance payments, is adding an off-ramp fiat channel to allow its partners, such as Binance and Huobi, to sell Tether (USDT) to euro.
According to an announcement on October 29th, Simplex Bitcoin Profit reviews implemented new Tether off-ramp channels (USDT) in its partner network, including major exchanges such as Binance, OKEx and Huobi.
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A Simplex representative told Cointelegraph that the latest development marks the first time that the Simplex Tether option is enabled, stating
„USDT has been available for purchase through our partner network for some time, but ‚cashing in‘ and selling directly in this currency is not […] But the put option at this time is only in Euro, the purchase is enabled with 50 fiat currencies“.
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With the new crypto-fiat off-ramp channel, Simplex partners can immediately add the new feature for their users worldwide, company executives said. „Simplex allows anyone to sell USDT and convert it to Euros; using our bank account through our partner network, users can transfer those funds anywhere in the world,“ the spokesperson said.
To date, Simplex‘ partner network includes over 200 services including cryptoexchanges, brokers and wallets. Along with the centralized crypto platforms, Simplex’s partner network also includes companies such as MakerDAO, a major player in decentralized finance, or DeFi.
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The world’s largest stablecoin, USDT, increased by almost 300% in 2020 in terms of market capitalization, starting the year with a market capitalization of $4 billion and rising to almost $16 billion in October. According to a recent Bloomberg report, Tether could surpass Ether’s market capitalisation (ETH) by the end of 2021, becoming the second largest crypt currency after Bitcoin (BTC).