Paysafe and Eightcap have announced a strengthened partnership to offer an innovative Embedded Trading Wallet solution.
The collaboration aims to provide a joint embedded finance solution for Eightcap and Paysafe’s shared partners and merchants in the European Union (EU), the companies said in a Wednesday (Sept. 6) press release. The solution will be launched later this year.
The partnership between Eightcap and Paysafe began in 2016, with Paysafe offering a wide range of payment options for Eightcap global traders, including digital wallets like Skrill and NETELLER, as well as various local payment methods, according to the release.
The newly introduced Embedded Trading Wallet utilizes Paysafe’s digital wallet infrastructure and Eightcap’s trading technology, the release said. This solution allows partners to offer a white-label, plug-and-play trading and payment wallet for their retail traders, making it easier and more convenient for them to engage in trading activities globally.
The Embedded Trading Wallet, hosted within Paysafe and Eightcap’s combined global licensing framework, combines compliance expertise and payments and trading capabilities to offer partners a seamless and secure trading wallet, per the release. This empowers partners to provide their customers with a convenient, secure and reliable trading and digital wallet solution.
Eightcap’s B2B embedded trading application programming interface (API) allows partners to seamlessly offer over 1,000 tradable instruments in stocks, indices, crypto, foreign exchange (FX) and commodities, according to the press release. By leveraging Paysafe’s digital wallet infrastructure, the firm can enhance its payment capabilities for global partners and traders.
Micah Kershner, senior vice president of crypto and digital assets at Paysafe, said in the release: “Embedded finance is the future, and we believe this solution will revolutionize the trader’s experience.”
Patrick Murphy, director of UK at Eightcap, added, “We are extremely excited to be entering into this new phase of our partnership. This solution will enable unparalleled payment capabilities for our global partners and traders.”
Paysafe reported Aug. 15 that its revenue for the second quarter increased by 6% year over year to $402.3 million. Revenue from digital wallet use, which saw double-digit growth earlier this year, continued an upward trend during the quarter, increasing 5% year over year.
The company has also been actively expanding its product offering and engaging in strategic partnerships with brands in Latin America and Europe.
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