Issuer-processor Paymentology has partnered with spend management platform Rain to launch a new payment solution for digital asset businesses in the Caribbean and LATAM. Founded in 2021, Rain is a platform for Web3 entities.

It is designed to accommodate the unique governance and operation models of Web3 teams while allowing them to take advantage of fiat interoperability and payment acceptance at merchants across the globe. Paymentology is Rain’s issuer processing partner, and its cloud-first card issuing and analytics platform is powering Rain’s physical and virtual Visa credit cards. These cards play a pivotal role in enabling the integration of digital assets within the fiat ecosystem.

Through this strategic partnership, Rain equips businesses with true interoperability, offering a solution that allows companies to instantly spend their digital assets. This is made possible by Rain’s settlement technology and on-chain infrastructure, in conjunction with the support of Paymentology’s proven next-generation solutions. Initially focusing on the Latin America and Caribbean (LAC) region, Rain intends to expand further afield into other regions, thanks to Paymentology’s API-first approach, which enables global expansion.

Rain’s vision is to become the go to spend management platform for Web3 teams worldwide. Digital currency adoption on the rise in LATAM This announcement comes as the crypto market continues to surge, with Latin America experiencing an unprecedented boom in digital currency adoption. In 2022, Latin America accounted for 9.1% of the global crypto value received, amounting to USD 562 billion between July 2021 and June 2022, marking an impressive 40% growth during this period.

Officials from Rain stated that their solution combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem. Their collaboration with Paymentology has enabled them to service some of the largest teams within the Web3 ecosystem. With the support of Paymentology's reliable solutions, they’re happy to offer their solutions to valued customers.

Also commenting on this partnership, Paymentology’s team added that with around 70% of the population in Latin America considered unbanked or underbanked, it comes as no surprise that crypto adoption has surged in this region. They are happy to partner with Rain, and they look forward to achieving many more milestones for the LATAM fintech industry, and beyond. .