Nium launches a crypto service platform
Singapore-based payments unicorn Nium has launched a crypto-as-a-service (CaaS) offering aimed at financial institutions. The CaaS includes comprehensive cryptocurrency investment services. This service allows Nium users to buy, sell, and hold popular digital currencies, such as Bitcoin, Ethereum and Litecoin. These services are powered by Paxos Crypto Brokerage, a regulated enterprise-grade solution.
In a press release earlier today, Prajit Nanu, Co-Founder and CEO at Nium, said, "Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services. Our embedded finance solutions accelerate the road to innovation for all businesses. With seamless API-based connections, we offer access to modular fintech elements for payments and card issuing - and now, crypto. The elements can be embedded, fast and easy, into most applications, helping companies go further, faster."
The platform also supports stablecoin investment options. Nium supports Pax Dollar USDP (powered by Paxos), which is regulated and 100% backed by US Dollars and cash equivalents. The service allows users to immediately exchange between the stable currency and other cryptocurrencies.
Furthermore, Nium said its services are regulatory-compliant. Business users can integrate services quickly and easily, with ready-to-go compliance services, including KYC and AML monitoring. Nium will handle the brokerage, custody and processing of the crypto on behalf of its customers.
More fintech companies are entering the crypto space
The past year has seen numerous fintech companies launch cryptocurrency services to their clients. In recent months, fintech firms including PayPal, Revolut, MoneyLion, and so many others have launched crypto trading services.
The increasing demand for cryptocurrencies by retail and institutional investors has led to the fintech platforms providing crypto trading services.
