Canadian-based Fintech firm Nuvei has announced a partnership deal with hardware alwlet provider Ledger to offer crypto on-ramp to millions of users.
Nuvei stated that the collaboration will enable direct on-ramps for more than 125 cryptocurrencies. It will provide fiat funding options through Simplex, its recently acquired payment provider.
The partnership will also enable Ledger users to buy cryptocurrencies via payment processors such as SWIFT, Mastercard, SEPA, and Visa. In addition, users can choose from more than 100 other fiat funding options for different local currencies.
Nuvei Now Offers Banking Services
The partnership will also maximize security, eliminating the need for fiat-to-crypto payment gateways and external exchanges.
The use of Simplex as a fiat funding option, according to the announcement, is to protect against inconveniences such as fraud and checkbacks. Also, Ledger’s role in the partnership will include the onboarding of additional users and providing value for Ledger Live users.
Simplex was bought last year by Nuvei in a $250 million all-cash deal. The acquisition gave Nuvei the capability to offer banking services since Simplex is an electronic money institution (EMI) with an operational license in the European Union.
“We’re excited to partner with Ledger to let more and more users easily acquire crypto with maximum security,” Chief Executive Officer of Nuvei, Philip Fayer, commented.
He added that it’s important to have easy onramps within the wallet following the increased number of verified uses of crypto in the ecosystem.
Nuvei Gives Users The Options To Over 200 Markets
Vice President of International Development at Ledger, Jean-François Rochet, stated that Ledger Live will play a very important role as the gateway for Web3 and digital assets.
He also revealed that Simplex will be deployed to create the avenue for more choices for Ledger customers without using centralized custodians. Nuvei says it has more than 530 local and alternative payment methods in more than 200 markets all over the world. These payment methods include fiat currencies and digital assets.