Canadian payments technology firm, Nuvei, is teaming up with the prominent hardware wallet provider, Ledger.
In a press release shared with Crypto PotatoNuvei said the move will allow direct on-ramps for more than 125 cryptocurrencies with all the leading fiat funding options via its recently acquired payment solution provider, Simplex.
Ledger users, with the help of Ledger Live, will be able to purchase cryptocurrencies through payments processors – Visa, Mastercard, SEPA, SWIFT, and over 100 other fiat funding options for different local currencies.
The integration will eliminate the need for external exchanges and fiat-to-crypto payment gateways by maximizing security. It will allow the dodging of additional steps of interacting with platforms and briefly abandoning the device’s security.
Simplex will guarantee protection against inconveniences such as chargebacks and fraud. Ledger, on the other hand, will be tasked with onboarding additional users and offering value for Ledger and Ledger Live users.
In May last year, Nuvei purchased Simplex for $250 million in cash. The acquisition offered Nuvei future banking capabilities since Simplex is an electronic money institution (EMI) licensed company in the European Union.
Philip Fayer, Chair and CEO of Nuvei, commented,
“We’re excited to partner with Ledger to let more and more users easily acquire crypto with maximum security. With the number of possible verified uses of crypto in the ecosystem ever increasing, having easy onramps within the wallet is key for the continued growth of the sector.”
Jean-François Rochet, VP of International Development at Ledger, also emphasized Ledger Live’s role as the gateway for digital assets and Web3 and spoke about broadening its on-ramp offering. The exec also stated that Nuvei’s subsidiary, Simplex, will pave the way for more choices for Ledger customers without centralized custodians.
Currently, Nuvei boasts over 530 local and alternative payment methods, including digital assets and approximately 150 fiat currencies, in more than 200 markets worldwide. Last year, the fintech company announced the launch of crypto-friendly debit cards in collaboration with Visa to its partners across the European Economic Area (EEA) and the United Kingdom.
With the objective being “optimize crypto and digital asset payments,” the collaboration aimed to remove the complexities involved in the process of fiat-to-crypto on-ramp and off-ramp, which could aid users to utilize and spend the funds from their crypto earnings.