Enhancing Embedded Trading Wallet: Paysafe and Eightcap Partner

<p>Paysafe
and Eightcap have announced an expanded partnership that introduces an
innovative embedded trading wallet solution. This collaboration aims to provide
an integrated financial solution for both Eightcap and Paysafe's common
partners and merchants.</p><p>Paysafe and Eightcap's
Successful Payment Partnership since 2016</p><p>The
two companies initially established a successful payment partnership in 2016,
enabling Eightcap's global traders to access various payment options offered by
Paysafe, including digital wallets like <a href="https://www.financemagnates.com/tag/skrill/">Skrill</a>
and NETELLER, as well as localized payment methods.</p><p>With
the introduction of the embedded trading wallet, Paysafe's digital wallet
infrastructure is combined with Eightcap's trading technology. This solution
allows partners to offer a white-label, plug-and-play trading and payment
wallet for retail traders, making it easier and more convenient for them to
engage in trading activities from anywhere in the world.</p><p>“We’re
delighted to be embarking on this strategic partnership with <a href="https://www.financemagnates.com/tag/eightcap/">Eightcap</a>
and facilitating its embedded trading wallet solution through white labelling
our products and services,” said Micah Kershner, the SVP of Crypto and Digital
Assets at Paysafe. “Embedded finance is the future, and we believe this
solution will revolutionise the trader’s experience.” </p><p>Binance's
Euro Banking Partner, Paysafe Solutions, to Cease Support</p><p>Back
in June 2023, <a href="https://www.financemagnates.com/cryptocurrency/binance-loses-major-eur-banking-partner-amid-regulatory-concerns/">Binance</a> announced that its euro banking
partner, Paysafe Solutions, would no longer support payments for the
cryptocurrency exchange starting from September 25. This decision follows concerns raised by the UK's Financial Conduct Authority (FCA)
regarding Binance's use of the UK's payment network. Binance clarified that
this change would affect only euro deposits and withdrawals facilitated by
Paysafe, particularly through bank transfers (SEPA), within the Single Euro
Payments Area (SEPA) network in the European Union. Other fiat deposits and
withdrawals would remain unaffected.</p><p>This
development underscores the ongoing regulatory challenges faced by Binance,
with global authorities intensifying their oversight of the cryptocurrency
exchange. Such regulatory scrutiny has increasingly led to the withdrawal of
support by banks and financial service providers for unregulated cryptocurrency
companies like Binance.</p><p>Unified Solution: Transforming
the Trading Experience</p><p>The embedded
trading wallet, operating within <a href="https://www.financemagnates.com/tag/paysafe/">Paysafe</a>
and Eightcap's global licensing framework, merges compliance expertise, payment
services, and trading capabilities. It provides partners with a secure and
seamless trading wallet solution, empowering them to offer their customers a
reliable and convenient platform for both trading and managing digital wallets.</p><p>Patrick
Murphy, the Director of UK at Eightcap, expressed his enthusiasm about this development
by stating, “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.” </p><p>Eightcap,
known for its leadership in retail derivatives trading, offers a unique B2B
embedded trading API that enables partners to provide access to over 1,000
tradeable instruments in various asset classes, including stocks, indices,
cryptocurrencies, forex, and commodities. This expanded partnership is expected
to enhance the offerings available to partners and traders alike.</p>

This article was written by Tareq Sikder at www.financemagnates.com.