By
Chimamanda U. Martha
April 19th, 2024
Both parties will benefit from the partnership. Nuvei will expand its influence and strengthen its reputation after last week’s failure on the market. Meanwhile, FTX will offer its users access to Nuvei’s advanced payment solutions, allowing them to buy cryptos much faster.
FTX Trading Ltd., owner and operator of the leading global cryptocurrency exchange FTX.COM, announced a partnership with Canada’s leading digital payment company Nuvei Corp (NASDAQ: NVEI). Within the partnership, FTX and Nuvei will offer instant payment solutions as well as instant deposits that support high-value transactions.
In a press release, Nuvei CEO Philip Fayer expressed his excitement about the collaboration with FTX:
“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. FTX is one of the world’s largest digital currency exchanges, and we are thrilled to partner with them to help simplify the transaction experience for their customers and speed processing times.”
“Together, we will provide instant payment deposits, supporting the higher value transactions that are often required in cryptocurrency trading. We look forward to continuing our collaboration with FTX and to expand the partnership to provide more APMs and enable payouts, bringing the latest innovations to their payment capabilities,” added he.
FTX CEO Sam Bankman-Fried commented:
“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.”
Both parties will benefit from the partnership. Nuvei will expand its influence and strengthen its reputation after last week’s failure on the market. In particular, its shares dropped by over 40% in a day after a negative short report from Spruce Point Capital Management. Meanwhile, FTX will offer its users access to Nuvei’s advanced payment solutions. It will also allow them to buy cryptos much faster and in a more secure way.
Nuvei’s Partnership with Visa
Nuvei is a Canadian electronic payments company that focuses on providing payment technology solutions. Its main business areas cover North America, Europe, Asia Pacific, and Latin America. It connects merchants with their customers in over 200 markets worldwide, with local acquiring in 45 markets. It supports over 500 local and alternative payment methods, nearly 150 currencies, and 40 cryptos. Its services include end-to-end payments processing, multi-currency authorization and settlement, a global gateway for acquirer and processor, checkout solution, smart routing technology, and more. Nuvei supports over 500 local and alternative payment methods, nearly 150 currencies, and 40 cryptos.
Lately, Nuvei has been actively expanding its partners base. Just before the partnership with FTX, Nuvei also announced a collaboration deal with Visa Inc (NYSE: V). Both companies joined efforts to launch Visa debit cards across the European Economic Area and the United Kingdom. Along with Nuvei’s Simplex Banking, the new cards will simplify the fiat-to-crypto on-ramp and off-ramp process. As a result, it will create a unified way for individuals to utilize and spend the funds from their crypto sales. Besides, with the new cards, customers will possess the same spending power with their crypto holdings as they would with traditional currencies.