Paysafe Shares Losing Steam Following NYSE Debut, PSFE Stock Down 3%

The prospects of the growth of the iGaming niche create a bullish case for Paysafe (PSFE) shares.

The shares of global integrated payments platform and digital wallet provider Paysafe Ltd (NYSE: PSFE) are seeing a reverse growth, following the firm’s debut on the New York Stock Exchange on March 30, 2021. The company went public through the possibility of the merger with Bill Foley’s Special Purpose Acquisition Company (SPAC) dubbed Foley Trasimene Acquisition II Corp which previously traded on the NYSE under the ticker symbol BFT.

Unlike previous listings which veered off bullishly above their debut prices, Paysafe is notably seeing a reverse growth, as investors possibly weigh in on the chances of the company in competing with existing online payments giants including but not limited to PayPal Holdings Inc (NASDAQ: PYPL), and Square Inc (NYSE: SQ).

Paysafe closed Monday’s session at a loss of 3.08% to $14.15, with a corresponding decline of 0.35% in the Pre-market session to $14.10 per share. At listing, the stock was priced at $15.46, and the imminent decline appears to be a complimentary drop in valuation from the BFT shares leading up to the combined entity’s trading debut.

The ongoing performance of Paysafe shares may have no bearing on the medium to longer-term prospects of the company as a whole. A steady churn out of competitive products may be all the firm needs to ignite interest amongst both retail and institutional investors, for a more defined backing.

Paysafe Shares amid Prospects of iGaming Boom

Paysafe as a company came about through the combination of entities including the duo of digital wallet Skrill and Neteller payment platform. Taking the core business ideal of Neteller which borders around iGaming, Paysafe is cementing its position to be the frontline outfit powering such transactions in North American, as a complement to its presence in over 30 countries and 120 markets combined.

The prospects of the growth of the iGaming niche for Paysafe create a bullish case for the company’s shares as it estimated iGaming in the United States is bound to grow at a compound annual growth rate (CAGR) of 52% through 2025. As reported by MarketBeat, the firm has a bullish projection to process as much as $103 billion in total iGaming transactions this year, and a projected 11% CAGR through 2023.

Paysafe’s recent partnership with Coinbase cryptocurrency exchange to allow it to power digital asset trading in 37 states and territories is also a positive development that guarantees a continuous and steady push into new payment ecosystems that are highly in demand at present.

The declining price of the shares at this time may turn out to become a positive factor as investors are renowned for seeking a good price level to secure their holdings. This ongoing market dip may offer a cheap discount for longer-term bulls who are expected to help redirect the price trend toward new highs.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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