BVNK is a globally regulated payments platform facilitating the integration of traditional payment systems with blockchain technology. As part of this partnership, Deriv has incorporated Solana payments for its 2.5 million customers around the world in a bid to offer them the ability to make deposits using digital assets.
According to the company press release, the escalating demand for digital currency payments, driven by the approximately 4 million global cryptocurrency owners, has led to the expansion of such payment options. The same source reveals that, over the past year, the market capitalization of Solana (SOL) has surged by 700%, surpassing USD 40 billion.
This collaboration with BVNK signifies an important advancement in Deriv's payment strategy, enabling them to promptly address the rising interest in digital currencies from their global customer base. Deriv's foray into digital currencies was prompted by customer requests and the prospect of venturing into new markets. Representatives from Deriv talked about the growing interest in cryptocurrencies such as Solana and Polygon among their clients, which prompted a partnership with BVNK as a way to respond to their needs.
In turn, officials from BVNK emphasised the shared vision for seamless global money movement. They highlighted the significance of this collaboration in creating an uncomplicated and efficient payment experience for Deriv users globally, recognising the increasing importance of cryptocurrency payments to brokers.
Deriv's integration with BVNK's API is planned for expansion to include additional crypto payment options. The ease of integration and BVNK's robust support facilitated a smooth transition, according to Garbim. Apart from digital currency payments, the partnership extends to Deriv utilising BVNK's platform for fund settlements from South East Asia. Deriv officials also expressed satisfaction with the partnership, citing BVNK's competitive fees and comprehensive product suite as key factors.
In September 2023, Open Banking payment provider Noda has chosen BVNK to bring stablecoin settlements to the former’s customers across the UK and Europe.
To meet customer demand, Noda required a regulated partner that could provide a multi-currency account and enable digital asset payments. Through this partnership, Noda gained access to BVNK’s Virtual Accounts and Global Settlement Network to convert 2 million euros into USDT stablecoins every month, to pay out to merchants. Notably, Noda has moved 90% of its stablecoin settlements to BVNK’s global payments platform.
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