Singapore-based payment service Nium has launched the Crypto-as-a-Service (CaaS, cryptocurrencies as a service) platform. The new service is aimed at U.S. banks, corporations, neo-financial institutions and fintech startups.
Thus, the offering assumes turn-key purpose-built Application Programming Interface (API) suites. Thanks to the solution, customers can implement such opportunities as trading digital assets; passing Know Your Customer (KYC); compliance with regulatory requirements; brokerage services; storage and payment processing.
Also, in the future, there will be acceptance of crypto payments and wallets with stablecoin support. The partner is Paxos Crypto Brokerage.
The platform supports five cryptocurrencies
The platform supports five cryptocurrencies, such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Pax Dollar (USDP). The name of the fifth is not specified.
Later in the next year, their number will increase to 20 in 35 countries. Besides, in 2022, Nium plans to enter the markets of 25 jurisdictions, including Europe (SEPA), the UK, Australia, Singapore and Hong Kong.
“Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services,” said Prajit Nanu, Nium’s Co-Founder and CEO. “Our embedded finance solutions accelerate the road to innovation for all businesses.”
Investment round in July
Recall that earlier, according to the results of the investment round in July, led by tech investor Riverwood Capital, Nium received $200 million.
Therefore, the assessment of the payment service exceeded $1 billion, along with receiving unicorn status. Temasek and Visa took part in it. At that time, the company announced the issuance of 30 million virtual cards. Moreover, an annual volume of processed payments of $8 billion.
Businesses who connect to the Nium network can send money in over 100 currencies to over 190 countries, as well as 85 of which are in real-time. The network enables firms to launch new card products quickly, in as little as four weeks, using a single API connection.