Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Simplex: a Crypto “Original” that Continues Building on Its First Mover Advantage

CryptocurrencyAug 17, 2021 08:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Simplex: a Crypto “Original” that Continues Building on Its First Mover Advantage

In marketing strategy, the concept of a “first-mover advantage” describes an innovator that’s first to launch a novel product, good, or service within a given sector.

The benefits enjoyed by the first mover generally include: widespread brand recognition within the space; dominant market share; production economies of scale; enhanced customer loyalty; preferred distribution channels; price setting flexibility and more.

However, simply being the first to do something does not guarantee sustained success. For example, Kodak invented the first digital camera. MySpace developed the first social media platform. Napster deployed the first music sharing service. The first Internet browser was Netscape. Tivo created the original digital video recorder.

None of those companies are leaders today within those fields. Each of those first-movers stumbled over a critical obstacle – failing to continue to innovate.

That’s not the case for a first mover within the crypto space, Simplex.

“Simplex was founded in 2013. We enable exchangers, brokers, and digital wallets to be able to accept credit card payments for users buying crypto with a ‘zero chargeback guarantee.’ If you’ve purchased crypto using your credit card, it has most likely been done through us,” said Simplex co-founder, Nimrod Lehavi, in his exclusive interview with DailyCoin.

Simplex is an EU-licensed financial institution, providing the fiat infrastructure for the cryptocurrency industry. Simplex processes crypto-to-credit card payments with a unique 100% guarantee – if a fraudulent chargeback occurs, the merchant gets paid by Simplex.

“We started with credit card processing, offering a zero chargeback guarantee baked into that so there’s no risk for the merchant accepting the credit card. That’s a big deal for business owners, and we’re doing it all in-house so it’s not a subsidy or a service that might vanish one day,” Lehavi said.

Indeed, Simplex has not vanished but has thrived.

Since launching, Simplex has continued to innovate and transform itself. It has actively built and added services that enable Simplex to serve a very large variety of clientele.

“So if you don’t want to sell your own liquidity, we can assist with the liquidity. If you don’t want a bank account we can pay you in crypto. If you want to do your own ‘Know Your Customer’ verification, we can take your KYC. If you don’t want to do it we can take care of that as well. We can even open a bank account either for you as a company or an individual.

Additionally, we recently became a principal member of the Visa (NYSE:V) network, so we’re able to issue debit cards for our partners' users. Over time we continued to build and add more and more services,” he said.

Currently, its tech enables the purchase of more than 95 cryptocurrencies through Simplex’s network, including more than 50 fiat currencies to date.

Lehavi says his organization is continually striving to improve itself in the current moment, so that it’s primed to thrive in the next moment.

“We were the first movers into the market. I think there are different companies competing in different slices of the business. Nobody’s competing with us as a whole, but there’s a company or a couple companies competing with us in the credit card business, a couple of companies competing in the card issuing, some companies on the banking side of things. But we’re the only ones providing the full suite of services,” Lehavi said.

On The Flipside

  • The crypto-space continues to be a hotbed of innovation and tech development.
  • For Simplex and other “OGs” to survive and thrive, they must anticipate where the market is moving and be there first to meet it.

You can watch the full interview here:

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Simplex: a Crypto “Original” that Continues Building on Its First Mover Advantage
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email