Ecommerce merchants can now transact nearly 40 cryptocurrencies through the Nuvei global payment platform.
According to the announcement, merchants working with the payment provider will be able to use a range of cryptocurrencies to send and receive payments in 200 countries, including the top assets Bitcoin (BTC) and Ether (ETH), lesser-known cryptos like Reddcoin and Bitcoin Gold as well as even hypervolatile coins like Dogecoin (DOGE).
Nuvei’s clients can even use Ripple (XRP) despite the asset’s recent legal troubles and the subsequent deletion of major exchanges.
Philip Fayer, CEO and Chairman of Nuvei, commented on the launch as “Empower”[ing] Our large and small customers with smooth payment experiences and a greater chance to enter a global market. “
The announcement also claims that crypto asset transactions will provide “enhanced security, privacy and integrity” to Nuvei users compared to traditional fiat payment methods. However, several crypto assets supported by Nuvei have previously been the subject of 51% attacks.
In the final quarter of 2020, Nuvei processed nearly $ 14 billion from merchants, with the company processing $ 43 billion through 2020 as a whole.
Nuvei’s announcement comes as competition intensifies between traditional payment providers entering the crypto sector.
On March 29, Visa announced a pilot program that would allow all partners to use the Ethereum blockchain to process transactions in Fiat. The solution uses the USDC stablecoin to delete transactions.
Late last year, PayPal announced that it would offer its users cryptocurrency services, including the ability for them to buy and trade them.
On March 22nd, US-based online shopping app Buyaladdin announced that it would accept BTC and ETH in multiple malls in South Korea.