Nuvei, payments adds support for 40 cryptocurrencies, inclusive of lesser-known coins

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Nuvei, a payment processor, has added support for approximately 40 cryptocurrencies, including lesser-known coins from past market cycles including Reddcoin, Steem, Bitcoin Gold, and Siacoin.

Via the digital payment portal Nuvei, e-commerce merchants will now transact in nearly 40 cryptocurrencies.

According to the announcement, merchants partnered with the payment provider can use an array of cryptocurrencies to send and receive payments across 200 countries, including top assets Bitcoin (BTC) and Ether (ETH), lesser known cryptos such as Reddcoin and Bitcoin Gold, and even hyper-volatile coins like Dogecoin (DOGE).

Customers of Nuvei can also use Ripple (XRP), considering the asset’s recent legal troubles and resulting delistings from major exchanges.

Nuvei’s CEO and chairman, Philip Fayer, commented on the launch, saying that the company’s support for crypto assets is “empower[ing] our customers, big and small, with frictionless payment experiences and a greater ability to participate in a global marketplace.”

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The announcement also claims that crypto asset transfers can provide Nuvei consumers with “enhanced protection, anonymity, and integrity” as opposed to standard fiat payment methods. However, numerous Nuvei-supported crypto assets have historically been the victim of 51 percent attacks.

Nuvei handled approximately $14 billion from retailers in the fourth quarter of 2020, with the firm processing $43 billion in total for the year.

Nuvei’s announcement comes as competition between traditional payment providers entering the crypto sector is heating.

On March 29, Visa announced a pilot programme that will allow all of its partners to use the Ethereum blockchain to settle fiat transactions. To transparent transfers, the solution makes use of the USDC stablecoin.

Paypal revealed late last year that it will begin providing cryptocurrency services to its customers, including the ability to buy and trade them.

On March 22, Buyaladdin, a U.S.-based online shopping service, announced that it would begin accepting BTC and ETH through various South Korean shopping malls.

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