Payments technology company Nuvei Corp (NASDAQ:NVEI) rose Wednesday after announcing it has partnered with Ledger. This company develops security and infrastructure solutions for cryptocurrencies.

Direct Crypto On-Ramp for Millions of Users

The integration enables direct on-ramps for over 125 cryptocurrencies with all major fiat funding options through Nuvei’s Simplex solution. Through Ledger Live, Ledger users will be able to buy cryptocurrency via Visa, Mastercard, SEPA, SWIFT and over 100 other fiat funding options for various global currencies.

With the app, users have a simplified interface that allows them to securely interact with their hardware wallet. It provides a payment solution for Ledger users without going through external exchanges and fiat cryptocurrency payment gateways. From Ledger Live, it is possible to stake assets to verify transactions and earn passive income, use DeFi platforms, manage NFTs and buy cryptocurrencies.

Nuvei Chair and CEO Philip Fayer said, “We’re excited to partner with Ledger to let more and more users easily acquire crypto with maximum security. With the number of possible verified uses of crypto in the ecosystem ever-increasing, having easy on-ramps within the wallet is key for the continued growth of the sector.”

Q4 Results Show Strong Growth

Nuvei delivered a strong performance in the fourth quarter, with revenue and adjusted EBITDA up 83% and 78%, respectively. Supported by improved global payment capabilities, total volumes increased 127% to $31.5 billion for the quarter.

The company is focusing on developing innovative products and acquiring new customers to drive growth. Given the favorable environment and its growth initiatives, Nuvei management expects its revenue to grow 30-35% this year, while its adjusted EBITDA could grow 28-34%.

Nuvei Has Huge Upside

National Bank of Canada analyst Richard Tse maintained its “outperform” rating and its target price of US$130/share for around a 162.4% annual return in its latest update to clients on Tuesday.

The analyst said, “The company continues to track to our investment thesis that points to outsized growth from Nuvei’s pursuit of high-growth markets and broad payment technology stack.”