- The solution focuses on corporate treasury management to improve cross-border transactions.
- It aims to bridge traditional financial systems with the digital asset ecosystem.
Nuvei, the Canadian fintech firm, launched a blockchain-based payment solution that utilizes stablecoins to enable faster global settlements for merchants in Latin America. The partnership also involves Rain and BitGo. Through Visa-supported physical or virtual cards, LATAM merchants can reportedly use stablecoins like USD Coin (USDC) for transactions across Visa’s extensive global network.
According to the official announcement, Nuvei’s blockchain payments solution also targets corporate treasury management. The three companies seek to enable businesses to improve cross-border transactions and digital asset custody via BitGo’s institutional-grade infrastructure through enhanced operational liquidity.
“Nuvei empowers businesses to connect more deeply with their customers through innovative payment solutions,” said Nuvei Chair and CEO Philip Fayer. “By integrating stablecoin technology into our payment platform for B2B settlement, we’re ensuring our merchants continually receive unparalleled flexibility, security, and global reach.”
See Related: Nuvei Partners with Ledger to Offer Direct Crypto On-Ramp for Millions of Users
Bridging Traditional And Digital Payments
Nuvei’s blockchain solution aligns with its broader strategy to deepen its presence in Latin America. In 2023, the company expanded its footprint by becoming the first global payments provider to offer direct local acquiring in Colombia, rolling out services in Mexico, and securing a Payment Institution license in Brazil.
“Our innovative platform connects traditional financial rails with the digital asset ecosystem, providing frictionless transactions for B2B and stablecoin payments. This partnership with Nuvei represents a significant step in making blockchain-based payments more accessible and flexible for businesses in Latin America.” Rain Co-founder and CEO Farooq Malik also mentioned in the official statement.
By embracing stablecoins and blockchain technology, LATAM merchants can now stay ahead in an increasingly interconnected global economy. The blockchain initiative aims to boost financial innovation for businesses in the region poised for significant digital growth.
Luis Ayala, the Director at BitGo, added: “As a leader in digital asset custody and infrastructure, we’re excited to support Nuvei’s expansion into blockchain payments. Our institutional-grade security and comprehensive digital asset services will help businesses in Latin America leverage stablecoin technology with confidence and operational efficiency.”
