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Crypto-Focused Fintech Company Simplex is Using AI to Tackle Fraud

Launched in 2014, Simplex is an EU-based fintech company that is looking to enable merchants, marketplaces, and cryptocurrency platforms to process online payments with complete chargeback coverage and fraud protection. …

The post Crypto-Focused Fintech Company Simplex is Using AI to Tackle Fraud appeared first on CoinCentral.

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Launched in 2014, Simplex is an EU-based fintech company that is looking to enable merchants, marketplaces, and cryptocurrency platforms to process online payments with complete chargeback coverage and fraud protection. 

We connected with Netanel Kabala, Co-Founder & CAO of Simplex. Netanel is a specialist in all aspects of fraud, and before Simplex, Netanel worked at PayPal as a fraud analyst, dealing with user-facing risk platforms and back-end automation. 


What are the most significant pain points to tackle in the credit card space?

On a macro scale, fraud and red tape are the biggest issues. 

At Simplex, fraud isn’t a problem – our proprietary AI analyzes every transaction using fully automated machine-learning algorithms that effectively eliminate fraud. 

Red tape, due to regulatory inefficiency and legal inconsistency, remains a challenge for the industry however. A lot of this is down to operating a digital business in a world whose legal systems are still predicated upon physical borders, and it affects all global businesses, not just payment processors. 

Nevertheless, the costs of ensuring compliance across multiple jurisdictions and territories are significant, and are an impediment to launching new products.

How does Simplex differ from the traditional credit card industry?

Firstly, we’re crypto-focused, whereas most credit card companies want nothing to do with cryptocurrency. 

Secondly – and this explains why we can deal with crypto and our competitors can’t – our fraud-proof technology protects merchants from the risk of chargebacks. 

We’ve also taken great pains to ensure that our compliance is impeccable, and this enables us to show that the crypto industry can be supported in a responsible manner, while satisfying regulators and maintaining the highest due diligence standards.

How does the business make money?

Our revenue is driven by Simplex partners accessing our fraud-proof payment gateway, and by the conversion fees for retail users switching between fiat and crypto using our account service.

Who is the ideal Simplex customer?

Our customer base is very diverse; on the consumer side, we’ve got retail investors seeking a safe way to buy cryptocurrency, while on the enterprise side we support everything from SMEs to the largest cryptocurrency exchanges in the world that integrate our payment gateway.

Businesses seeking a safe way to accept card payments – without introducing risk – and their customers are the primary beneficiaries of Simplex.

Buying cryptocurrency with a credit card often comes with ludicrous rates. How is Simplex’s solution different?

For Simplex to be adopted by major global exchanges, we recognized that we would have to offer competitive rates; competing on security and reputation alone would not be enough. 

Keeping fees to a minimum is also how we grow our market share, while making the crypto market more appealing to investors, who can swap in and out of fiat currency without being penalized.

Can you touch on how Simplex use sAI to eliminate fraud while increasing conversion? What’s the actual process behind the scenes?

The AI analyzes each transaction and determines the likelihood of it being fraudulent, based on thousands of data points. 

The machine learning algorithm becomes more effective over time, enabling potentially fraudulent transactions to be screened out. This increases conversions while preventing chargebacks, allowing businesses to facilitate fiat-crypto payments with zero risks.

Simplex has a fairly extensive list of partnerships throughout the cryptocurrency space, with companies such as Binance, Bitpay, Huobi, and various others. For the entrepreneurs in our audience, what’s the best way to go about establishing relevant partnerships with similar companies

It’s really a two-step process, one internal and the other external. Before you can think about approaching potential partners, you have to ensure your product is fully optimized, and that the solution you’re presenting is better than the incumbents.

A list of Simplex's partners

A list of Simplex’s partners. Source: Simplex.com

 There’s no point in approaching major enterprises while you’re still fixing bugs and refining the UX. With Simplex, we focused on developing a payment gateway that we believed to be the best in class. Only then did we seek to engage in dialogue with companies that could benefit from our solution.

The Israeli startup community seems to have embraced cryptocurrency and blockchain. Can you touch on what it’s like launching and running an international payments company in Israel?

Israel’s reputation for tech excellence doesn’t need restating. We’re a small country, and in Tel Aviv where much of the startup scene is based, everyone knows everyone. This is great for sourcing talent and establishing partnerships as if you can’t solve a particular problem, there’s a good chance that you know someone in your network who can. 

At the same time, the insular nature of Israel’s tech community means it’s imperative to tread carefully and work to build bridges, rather than aggressively trying to corner the market at the expense of everyone else. When startups collaborate, they can achieve a greater outcome than could have been attained from working unilaterally.

What’s next for Simplex? What can we expect to see in the next 2-3 years? 

We’ve just launched Simplex Account, an online banking account that allows consumers to use their digital assets how and when they want, online and offline. Essentially, it allows them to create a single account and then access it across an array of Simplex partner platforms including exchanges and wallets.

Moving beyond this, we have been working hard on expanding our turnkey crypto payment solution, with new products in the pipeline. Finally, we’re looking to extend the list of countries where we’re licensed to operate, and are working closely with regulators in several jurisdictions to bring this about.

Thank you, Netanel!

Source: https://coincentral.com/simplex-interview/

Blockchain

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

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Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.

Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.

Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July

Bitcoin’s growth from virtually worthless to more than $60,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin today is nothing short of incredible. Even beyond ROI that is simply incomparable, the story of how the » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.

Related Reading | Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

» Read more

” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.

At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.

bitcoin 100000 july

At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com

The One Factor That Could Cause BTC To Fall Short Of Target

Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.

Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio?

Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.

bitcoin btc pi cycle top indicator

The rally could really be over if the historically accurate signal is right again  | Source: BTCUSD on TradingView.com

There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.

Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.

Featured image from Deposit Photos, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/rate-bitcoin-100k-by-july/

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Blockchain

Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet

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Institutional fund manager Grayscale has partnered with acclaimed New York-based magazine TIME to produce an educational video series on the subject of crypto assets.

The partnership was announced on April by Grayscale’s CEO, Michael Sonnenshein, with Sonnenshein revealing that TIME and its president, Keith Grossman, will receive payment in Bitcoin.

Further, TIME does not intend to convert the Bitcoin it receives through the deal into fiat, and will hold the crypto asset on its balance sheet. No further details of the partnership have been revealed so far.

TIME was first published on March 3, 1923, with the magazine and online publication having been active in the crypto space of late. In March, TIME cashed in on the NFT mania by dropping a set of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – January 19th, 1959” NFT fetching 135 ETH worth almost $250,000 on March 30.

The company also revealed they were seeking a crypto-friendly Chief Financial Officer in the same month after listing the position on Linkedin.

“The media industry is undergoing a rapid evolution. TIME is seeking a Chief Financial Officer who can help guide its transformation,” the listing said.

According to Bitcointreasuries.com, TIME will become the 33rd publicly traded company to hold Bitcoin on its balance sheet. TIME joins the ranks of top U.S. companies Microstrategy — who have invested billions into BTC from August 2020, Square — who added 4,709 BTC to their treasury in October, and Tesla — which purchased $1.5 billion worth of BTC in January. Multinational investment corporation Blackrock also began dabbling in crypto during February, profiting more than $360,000 from a small long using Bitcoin futures.

This deal marks a significant partnership between giants of the mainstream and crypto worlds. Grayscale was founded in 2013 and has $46 billion worth of crypto assets under management, including roughly 3% of Bitcoin’s total circulating supply.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-s-time-has-come-time-magazine-to-hold-btc-on-balance-sheet

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Blockchain

Moonstake integrates with Sylo to bring their staking protocol to the Sylo Smart Wallet

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Moonstake, a staking pool protocol and service provider, has announced a new partnership with Sylo, a decentralized software development firm and the creators of the Sylo Network and Sylo Smart Wallet.

Through this collaboration, Moonstake will connect Sylo with their robust API/SDK solution, thereby enabling staking functionalities in the Sylo Smart Wallet and allowing Sylo users to earn passive income from their idle crypto assets.

Founded in 2010, Sylo is committed to decentralization and has created an ecosystem consisting of digital consumer wallet software, applications, infrastructure, and developer tools in order to usher in a decentralized future worth looking forward to.

A unique wallet app that combines digital asset management with decentralized communication, the Sylo Smart Wallet is a savvy decentralized e-wallet that enables users to purchase, store, track, send, and receive crypto assets, explore the world of Ethereum dApps by means of a Web3 Browser, pay with cryptocurrency in the real world, and provides secure communications by chat or audio/video call.

“We’re pleased to offer our community of global users yet another way to access the benefits of crypto. As always, our user flow has been designed with simplicity in mind, and staking via Moonstake in the Sylo Smart Wallet will make earning from digital assets simple enough for people everywhere.”
– Dorian Johannink, Co-Founder and Business Director of Sylo

Born over a year ago with the aim to create the largest staking network in Asia, since its inception Moonstake has developed highly user-friendly wallets for both Web and Mobile (iOS/Android) that are compatible with over 2000 cryptocurrencies.

After a full-scale operational launch in August 2020, Moonstake’s total staking assets have grown rapidly to reach USD 800 million in staked assets over just six months. Within a year of its founding, Moonstake became ranked in the top 10 of the world’s premier staking service providers and it continues to strongly expand its business.

“The Sylo Smart Wallet is an interesting e-wallet that combines the functionality of a flexible digital asset management tool and a secure instant messaging app. We are happy to help proper crypto projects like Sylo enable staking in their wallet so that users can have more ways to earn with crypto. With a wide selection of PoS coins and attractive yield rates from our high-quality staking pools, we are confident that users will be pleased with their staking experience on Sylo powered by Moonstake.”
– Mitsuru Tezuka, Founder of Moonstake

Source: moonstake.io

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoninjas.net/2021/04/13/moonstake-integrates-with-sylo-to-bring-their-staking-protocol-to-the-sylo-smart-wallet/

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