As a seasoned researcher with a keen interest in blockchain technology and its applications, I find Nuvei’s latest move to be a significant stride towards bridging the gap between traditional finance and the digital economy, particularly in Latin America. My personal experience has taught me that the potential of stablecoins as a payment option for merchants is immense, given their stability and the increasing demand for digital assets in the region.
A Canadian financial technology firm, Nuvei, recently introduced a novel blockchain service intended for merchants operating throughout Latin America.
On December 4th, Nuvei unveiled their plan to collaborate with various companies to introduce this solution in the area. Among these partners are Rain, a company backed by Coinbase Ventures and Circle Ventures that offers integrated issuing services, BitGo, a provider of crypto custody and digital wallets, and the worldwide payments leader Visa.
Through the diverse tools offered on these platforms, Nuvei simplifies the process for businesses to accept stablecoins like USDC (USDC) as a form of payment.
Through partnerships, a Canadian company facilitates access to blockchain-based payments for merchants throughout Latin America. These merchants in LATAM are able to use Visa-backed cards (either physical or digital) for transactions involving stablecoins on a global scale.
Nuvei’s chairman and CEO, Philip Fayer, stated that by incorporating stablecoin technology into our business-to-business payment system, we are providing our merchants with ongoing advantages such as unique flexibility, enhanced security, and expanded global accessibility.
In September 2023, Visa disclosed plans to trial a USDC payment system based on the Solana blockchain. This endeavor aimed to leverage the stability of the USDC digital currency through partners like Nuvei and Worldpay, another banking institution.
With more businesses using stablecoins for transactions and settlements, there’s been a push for integrating traditional banking systems. This trend is particularly noticeable in Latin America, where major stablecoin providers like Tether and Circle are spearheading initiatives to promote adoption.
In the region, both companies boast significant strategic alliances, with Mexico, Colombia, and Brazil serving as primary markets or locations.
By June 2024, the blockchain company Kaiko published a report indicating that USDT (Tether) is significantly more preferred in Latin America compared to Bitcoin, the leading digital currency which has recently approached a value of approximately $100,000.
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2024-12-04 19:22