Nuvei Keeps Onboarding Exchanges From Crypto World, FTX
Nuvei Corporation has signed renowned crypto exchange FTX to its roster of clients as the trading platform looks to add instant payments for its clients. The instant payment solutions will
Nuvei Corporation has signed renowned crypto exchange FTX to its roster of clients as the trading platform looks to add instant payments for its clients.
The instant payment solutions will provide an enhanced customer journey and experience as they will be able to convert from fiat to crypto much faster than before. Quicker deposits lead to quicker investor action.
More APMs and Payouts Soon
Philip Fayer, Chair and CEO at Nuvei said: “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.”
Sam Bankman-Fried, founder and CEO of FTX, 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.”
Nuvei’s Simplex Makes a Splash in Crypto
In October, Bitfinex deployed Nuvei’s capabilities to allow users to purchase cryptocurrency directly in the App with bank cards. The partnership also leverages Nuvei’s infrastructure proprietary fraud and risk management tools through integration with its subsidiary, Simplex.
The agreement gave Bitfinex a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in. Nuvei acquired Simplex earlier this year in a $250 million cash deal.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology. It also enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The service caters to different market participants including exchanges, brokers, wallet and liquidity providers.
Founded in 2014, Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy cryptocurrencies with their credit cards. Most recently, it has signed mobile wallet provider Broxus to facilitate buying of bitcoin and ether directly via Telegram.
Although the exact details of the partnership were not disclosed, Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Reporting by Rick Steves. Filed 17 December 2021, 10:54 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
