E-commerce merchants can now trade approximately 40 cryptocurrencies through the global payment platform Nuvei.
According to the announcement, merchants who work with a payment service provider can use a variety of cryptocurrencies to send and receive payments in 200 countries, including high-performance Bitcoin (BTC) and Ether (ETH), and lesser known cryptocurrencies such as Reddcoin and Bitcoin Gold. And even Dogecoin is highly volatile (DOGE).
Nuvei clients can use Ripple (XRP) despite recent legal issues regarding the asset and its subsequent removal from major exchanges.
Commenting on the launch, Philip Fire, CEO and President of Nuvei, described the company’s support for cryptocurrencies as “empowering our customers, large and small, with convenient payments and greater opportunities to participate in the global market.”
The announcement also claims that crypto transactions will provide “enhanced security, privacy and safety” for Nuvei users over traditional payment methods. However, many Nuvei-backed cryptocurrencies have been attacked by 51% in the past.
Nuvei handled nearly $ 14 billion from vendors in the fourth quarter of 2020, and the company processed $ 43 billion through 2020.
Nuvei’s announcement comes amid increasing competition between traditional payment providers in the crypto sector.
On March 29, Visa announced a pilot program that allowed all of its partners to use the Ethereum blockchain to settle financial transactions. The solution uses USDC to clean up transactions.
Paypal announced late last year that it would start offering users cryptocurrency services, including the ability to buy and trade them.
On March 22nd, the US online shopping app Buyaladdin announced that it would begin accepting BTC and ETH in many malls in South Korea.