Paysafe and Eightcap have announced an expanded partnership that introduces an innovative embedded trading wallet solution. This collaboration aims to provide an integrated financial solution for both Eightcap and Paysafe's common partners and merchants.

Paysafe and Eightcap's Successful Payment Partnership since 2016

The two companies initially established a successful payment partnership in 2016, enabling Eightcap's global traders to access various payment options offered by Paysafe, including digital wallets like Skrill and NETELLER, as well as localized payment methods.

With the introduction of the embedded trading wallet, Paysafe's digital wallet infrastructure is combined with Eightcap's trading technology. This solution allows partners to offer a white-label, plug-and-play trading and payment wallet for retail traders, making it easier and more convenient for them to engage in trading activities from anywhere in the world.

“We’re delighted to be embarking on this strategic partnership with Eightcap and facilitating its embedded trading wallet solution through white labelling our products and services,” said Micah Kershner, the SVP of Crypto and Digital Assets at Paysafe. “Embedded finance is the future, and we believe this solution will revolutionise the trader’s experience.”

Binance's Euro Banking Partner, Paysafe Solutions, to Cease Support

Back in June 2023, Binance announced that its euro banking partner, Paysafe Solutions, would no longer support payments for the cryptocurrency exchange starting from September 25. This decision follows concerns raised by the UK's Financial Conduct Authority (FCA) regarding Binance's use of the UK's payment network. Binance clarified that this change would affect only euro deposits and withdrawals facilitated by Paysafe, particularly through bank transfers (SEPA), within the Single Euro Payments Area (SEPA) network in the European Union. Other fiat deposits and withdrawals would remain unaffected.

This development underscores the ongoing regulatory challenges faced by Binance, with global authorities intensifying their oversight of the cryptocurrency exchange. Such regulatory scrutiny has increasingly led to the withdrawal of support by banks and financial service providers for unregulated cryptocurrency companies like Binance.

Unified Solution: Transforming the Trading Experience

The embedded trading wallet, operating within Paysafe and Eightcap's global licensing framework, merges compliance expertise, payment services, and trading capabilities. It provides partners with a secure and seamless trading wallet solution, empowering them to offer their customers a reliable and convenient platform for both trading and managing digital wallets.

Patrick Murphy, the Director of UK at Eightcap, expressed his enthusiasm about this development by stating, “We are extremely excited to be entering into this new phase of our partnership. This solution will enable unparalleled payment capabilities for our global partners and traders.”

Eightcap, known for its leadership in retail derivatives trading, offers a unique B2B embedded trading API that enables partners to provide access to over 1,000 tradeable instruments in various asset classes, including stocks, indices, cryptocurrencies, forex, and commodities. This expanded partnership is expected to enhance the offerings available to partners and traders alike.