Electronic payment processing company Nuvei Corporation (NVEI) recently announced that it has entered into a partnership agreement with a cryptocurrency exchange platform, FTX Trading LTD, to provide instant payment solutions to customers.
Shares of the company declined 9.3% on Tuesday. The stock pared some of its losses by gaining 1.2% to close at $53.49 in the extended trading session.
The partnership will enable Nuvei to gain a strong foothold in the burgeoning cryptocurrency space, as FTX is one of the foremost names that allows users to buy and sell cryptocurrencies smoothly.
FTX is also expected to benefit from the collaboration by gaining access to Nuvei’s innovative payment solutions that enables instant deposits in a safe and secure manner.
The CEO of Nuvei, Philip Fayer, said, “Together, we will provide instant payment deposits, supporting the higher value transactions that are often required in cryptocurrency trading. We look forward to continuing our collaboration with FTX and to expand the partnership to provide more APMs and enable payouts, bringing the latest innovations to their payment capabilities.”
Recently, RBC Capital analyst Paul Treiber reiterated a Buy rating on the stock with a price target of $145, which implies upside potential of 174.3% from current levels.
Consensus among analysts is a Strong Buy based on 8 Buys and 1 Hold. The average Nuvei price target of $128.68 implies upside potential of 143.4% from current levels. Shares have gained about 424.5% over the past year.
According to the tool, the Nuvei website recorded a 124.46% monthly rise in global visits in November, compared to the same period last year. Further, year-to-date, website traffic has grown 68.10%, compared to the previous year.