By Sam Boughedda
Investing.com — Payment technology firm Nuvei Corp (NASDAQ:NVEI) announced it is partnering with cryptocurrency exchange FTX.
Nuvei said the partnership will enable FTX to provide its users with instant payment solutions and instant deposits that support high-value transactions.
"We want our users to have a frictionless experience and be able to convert from fiat to crypto and back seamlessly. We are thrilled to partner with an innovative company like Nuvei to provide a reliable payment on and off-ramp for our users," said Sam Bankman-Fried, founder and CEO of FTX.
Nuvei's Chair and CEO, Philip Fayer said: "Our partnership with FTX demonstrates Nuvei's leadership in the growing cryptocurrency vertical and shows our ability to provide innovative solutions for customers of all types around the world."
Despite the announcement, Nuvei's shares are down over 7% Tuesday, adding to last week's decline, when he company's shares fell over 40% in a day following a negative short report from Spruce Point Capital Management.
Earlier today, Nuvei's board released a statement addressing the report, stating the allegations in it are "misleading, false or unrelated to Nuvei's business."