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.
