Nuvei, a Canadian fintech company, has formed a new partnership with Mastercard to launch the new crypto solution dedicated to consumers in Europe.
In practice, European users will be able to convert their cryptocurrencies into fiat currency via debit, credit, and prepaid cards.
Nuvei and Mastercard: the new solution to convert crypto into fiat currency via cards
Nuvei has announced its new collaboration with the payment giant Mastercard to launch the new off-ramping solution.
In practice, gli utenti europei della fintech canadese potranno convert their crypto into fiat currency via debit, credit, and prepaid cards.
We are thrilled to announce that Nuvei has partnered with Mastercard to introduce a new off-ramping solution for digital assets 
Read the full press release: https://t.co/eazYItq24a pic.twitter.com/LhUCF4QZy1
— Nuvei (@Nuvei) July 11, 2024
“We are excited to announce that Nuvei has partnered with Mastercard to introduce a new off-ramping solution for digital assets.”
The new partnership therefore offers a new functionality that acts as a bridge between digital finance and traditional finance, leveraging the global Mastercard network.
Not only that, to ensure simplicity, the new off-ramping solution is integrated directly into Nuvei’s modular payment platform.
In addition to crypto, Nuvei consumers will be able to convert a wide range of supported digital assets into fiat currency seamlessly.
Nuvei and Mastercard offer the new off-ramping solution for crypto
The new off-ramping solution by Nuvei can be executed almost in real-time, also thanks to the money movement functionality of Mastercard Move.
In this regard, Philip Fayer, President and CEO of Nuvei commented as follows:
“We are excited to collaborate with Mastercard to promote access to liquidity and payments for Digital Asset holders. Our mission is to enable businesses and their customers to connect through payments, wherever consumers are and however they want to pay. Offering cryptocurrency ramps through our unique integration aligns perfectly with this mission of facilitating frictionless transactions in the digital economy.”
Also Christian Rau, Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe, left his comment:
“Allowing the choice of how consumers can engage with Digital Assets in a safe, simple manner and in line with all relevant regulations is at the heart of our strategy in this space. Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens new opportunities and choices for companies dealing with digital assets and for consumers.”
The payment giant increasingly at the service of cryptocurrencies
Mastercard continues to be increasingly involved in the crypto space. Just in this 2024, in addition to the present collaboration with Nuvei, the global payments giant has made headlines on other occasions.
The most recent one concerns the popular crypto-exchange of Binance which, last month, restored fiat currency payments with Mastercard and Visa cards for the purchase of crypto. This service had been interrupted last year, following the problems encountered with the authorities.
In May, instead, Mastercard made its own announcement regarding the new service “Crypto Credential”. In practice, the new feature allows for the replacement of blockchain addresses with new and easy aliases, facilitating transactions. Already at that time, the service was live on the crypto-exchanges of Bit2Me, Lirium, and Mercado Bitcoin.