Canadian fintech company Nuvei has unveiled a new blockchain solution aimed at merchants across Latin America.
In one notice On December 4, Nuvei announced that it would be working with several companies to bring this solution to the region. Partners include Rain, a vertically integrated issuance partner backed by Coinbase Ventures and Circle Ventures, BitGo, a crypto custody and wallet provider, and global payments giant Visa.
Nuvei leverages the various solutions available through these platforms to make it easier for businesses to use stablecoins as a payment option. Supported stablecoins include USDC (USDC).
Through its collaboration, the Canada-based company enables merchants across the Latin American region to benefit from blockchain payments. LATAM merchants can use Visa-supported physical or virtual cards for stablecoin payments around the world.
“By integrating stablecoin technology into our B2B payments platform, we are ensuring our merchants continually receive unparalleled flexibility, security and global reach,” Philip Fayer, chairman and CEO of Nuvei, said in a statement.
In September 2023, Visa announced that it was testing a USDC settlement payment initiative on the Solana blockchain. The project aimed to open up the stablecoin through Nuvei and fellow merchant bank Worldpay.
As the adoption of stablecoin payments and settlements increases, various providers and industry players have been looking for innovative ways to bring traditional financial rails on board. LATAM is one of the regions seeing this increasing traction, with leading stablecoin issuers Tether and Circle leading the support programs.
Both companies have important partnerships in the region, with Mexico, Colombia and Brazil being key destinations.
In June 2024, blockchain company Kaiko released one report This showed that USDT is significantly more popular in LATAM than Bitcoin, the main digital asset whose value recently rose to almost $100,000.
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