By
Chimamanda U. Martha
April 18th, 2024
Nuvei has announced it will be supporting nearly 40 cryptocurrencies including DOGE and Reddcoin on its platform. The electronic payment processor said its partners can use these digital assets to settle payments across 200 countries.
On Monday, Canada’s leading digital payment processor Nuvei announced that will begin supporting some of the leading crypto assets. With nearly 40 coins added by the firm, the list comprises of the most prominent coins like Bitcoin, Ethereum and XRP to lesser-known coins such as Reddcoin, Bitcoin Gold and DOGE.
In its announcement, the firm acknowledged that cryptocurrencies have become mainstream and significant for industries offering large tickets and a large volume of goods. The firms CEO and Chairman Philip Fayer, further noted that it was pioneering a new and relevant medium of payment and added:
“We’re excited to provide yet another pioneering solution that empowers our clients, large and small, with frictionless payment experiences and a greater opportunity to partake in a global marketplace.”
In 2020, Nuvei reportedly handled $43 billion in transactions a number it will look to surpass boosted from the newly integrated cryptocurrencies. Already a giant in Canada, Nuvei is fighting to become a global leader. The transition from traditional payment systems to new innovative ways such as crypto offering a unique and clear-cut chance.
Nuvei Arms for Innovation Race with Crypto
Its announcement came just hours after Visa confirmed its own integration of cryptocurrencies into their network, becoming the first major network to achieve this. But while Visa is dipping its toe, only integrating USDC via the Ethereum network, for now, Nuvei has taken a dive by supporting nearly 40 digital assets.
Cuy Sheffield, the head of crypto at Visa, noted that the firm has recorded increased demand for crypto. He added that customers want to access, hold and use cryptocurrencies. The same sentiment has been echoed by Nuvei. According to Bitcoin advocate Anthony Pompliano, this demand will continue rising. Eventually pushing financial service providers to integrate cryptocurrencies with an aim to replace the traditional banking system.
BREAKING: Visa has become the first major payment network to incorporate a digital dollar (USDC) into their network and settle transactions in the new system, rather than the old banking system.
Eventually every payment network will do this.
— Pomp 🌪 (@APompliano) March 29, 2021
Mastercard, the global payment leader as we reported earlier in the year also has plans to integrate cryptocurrencies into its network. Although details are scarce, the company has been interested in Bitcoin since 2013. Notably, it is even more interested in stablecoins which are more regulated. As recent as 2019, the company was hiring wallet developers. Visa and Nuvei have beaten it to the line. But having been involved with digital assets longer, it’s likely Mastercard will deliver a heavy blow.
Others involved with crypto include Paypal and Square. Continuing to integrate cryptocurrencies into traditional networks will strengthen the digital assets’ use cases and value. And the speed they are doing so proves that they are the future of finance.