Nuvei corporation,
a Payment technology firm, has announced a partnership with the cryptocurrency
exchange, FTX. Nuvei stated that the collaboration will enable FTX to provide its
users with instant deposits and instant payment solutions that support high-value
transactions. The partnership will see FTX users have access to instant payments to purchase
cryptocurrencies faster and in a more secure manner.
Sam Bankman-Fried,
the Founder and CEO of FTX, talked about the development and said: “We want our
users to have a frictionless experience and be able to convert from fiat to
crypto and back seamlessly. We are thrilled to partner with an innovative
company like Nuvei to provide a reliable payment on and off-ramp for our
users.”
Additionally, Nuvei’s Chair and
CEO, Philip Fayer stated: “Our partnership with FTX demonstrates
Nuvei’s leadership in the growing cryptocurrency vertical and shows our ability
to provide innovative solutions for customers of all types around the world. Together,
we will provide instant payment deposits, supporting the higher value
transactions that are often required in cryptocurrency trading.”
Nuvei’s
collaboration with FTX comes a few days after the payment company stated that
it is rolling out crypto-friendly debit cards with Visa Inc.
Crypto Adoption Transforming Banking
The crypto market
has been growing at a pace that has never been witnessed before. More than
5,300 various types of cryptocurrencies are currently being traded in the
market with a total market cap of over 200 billion US dollars. This shows that
the use of cryptocurrencies in the financial services industry is rising at a
rapid pace, with the Covid-19 pandemic playing
a part in its growth.
To better serve
their customers, an increasing number of businesses are developing custody
solutions and trading capabilities for cryptocurrencies. While some banks have
embraced their efforts into the digital space, most have publicly criticized
the market and its rise. As a result, several crypto exchanges and other
digital firms are moving into banking to leverage their customer base and
digital assets expertise to launch new products. They strive to secure viable,
instant payment solutions to ensure seamless transactions and compete with each
other in offering better services. Options being resorted include developing
their own payment processors, building instant settlement solutions, providing
peer-to-peer transactions, or partnering with major payment
gateways like OpeNode, Nowpayments, among others.
Nuvei corporation,
a Payment technology firm, has announced a partnership with the cryptocurrency
exchange, FTX. Nuvei stated that the collaboration will enable FTX to provide its
users with instant deposits and instant payment solutions that support high-value
transactions. The partnership will see FTX users have access to instant payments to purchase
cryptocurrencies faster and in a more secure manner.
Sam Bankman-Fried,
the Founder and CEO of FTX, talked about the development and said: “We want our
users to have a frictionless experience and be able to convert from fiat to
crypto and back seamlessly. We are thrilled to partner with an innovative
company like Nuvei to provide a reliable payment on and off-ramp for our
users.”
Additionally, Nuvei’s Chair and
CEO, Philip Fayer stated: “Our partnership with FTX demonstrates
Nuvei’s leadership in the growing cryptocurrency vertical and shows our ability
to provide innovative solutions for customers of all types around the world. Together,
we will provide instant payment deposits, supporting the higher value
transactions that are often required in cryptocurrency trading.”
Nuvei’s
collaboration with FTX comes a few days after the payment company stated that
it is rolling out crypto-friendly debit cards with Visa Inc.
Crypto Adoption Transforming Banking
The crypto market
has been growing at a pace that has never been witnessed before. More than
5,300 various types of cryptocurrencies are currently being traded in the
market with a total market cap of over 200 billion US dollars. This shows that
the use of cryptocurrencies in the financial services industry is rising at a
rapid pace, with the Covid-19 pandemic playing
a part in its growth.
To better serve
their customers, an increasing number of businesses are developing custody
solutions and trading capabilities for cryptocurrencies. While some banks have
embraced their efforts into the digital space, most have publicly criticized
the market and its rise. As a result, several crypto exchanges and other
digital firms are moving into banking to leverage their customer base and
digital assets expertise to launch new products. They strive to secure viable,
instant payment solutions to ensure seamless transactions and compete with each
other in offering better services. Options being resorted include developing
their own payment processors, building instant settlement solutions, providing
peer-to-peer transactions, or partnering with major payment
gateways like OpeNode, Nowpayments, among others.
