Zinger Key Points
- Paysafe, Eightcap extend their existing partnership for launching digital embedded wallet solution in the E.U. later this year.
- Paysafe is leveraging on its strongest performing segment, Merchant Solutions, and seeks to partner with more brands.
- Get New Picks of the Market's Top Stocks
Payments platform Paysafe Ltd. PSFE and global retail trading provider Eightcap advanced their partnership with the introduction of an innovative Embedded Trading Wallet solution for partners and merchants in the European Union. The launch is scheduled for late 2023.
The Embedded Trading Wallet, hosted within Paysafe and Eightcap's combined global licensing framework, will bring together compliance expertise and payments and trading capabilities.
“We’re delighted to be embarking on this strategic partnership with Eightcap and facilitating its embedded trading wallet solution through white labeling our products and services," Paysafe Senior Vice President of Crypto and Digital Assets Micah Kershner commented. Embedded finance is the future, and we believe this solution will revolutionize the trader’s experience.”
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See Also: Elon Musk Puts Rumors To Rest, Rejects X Token Amid Securing Crypto Wallet Licenses Across US
Earlier Partnership: In 2016, Paysafe and Eightcap formed a payments partnership wherein Paysafe provided various payment options for Eightcap global traders including digital wallets, such as Skrill and NETELLER, and various local payment methods. Eightcap boasted of a unique B2B embedded trading API enabling partners to smoothly offer 1K+ tradable instruments in stocks, indices, crypto, FX and commodities.
Merchant Solutions Segment Highlights Q2: Paysafe’s latest quarterly earnings indicated total revenue growth of 6% Y/Y; total payment volume conducted across the platform also rose 6%. Revenue from digital wallet use increased by 5%. Merchant solutions segment and growth from e-commerce led by the iGaming industry in North America helped usher the second quarter higher.
The company stated in its earnings it is actively expanding its product offering and engaged in strategic partnerships with brands in Latin America and Europe.
Read Next: Fintech Market Will Soar To $1T, Crypto Asset Management To Reach $3.1B: New Economic Titans
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