The Singapore-based fintech, Nium announced the launch of a global Crypto-as-a-Service (CaaS) solution on Monday that will allow financial institutions to add ‘in-demand’ crypto investment capabilities with APIs.
The company has tapped Paxos Crypto Brokerage to offer trading and custody of popular cryptocurrencies like Bitcoin, Ethereum and Litecoin. Additionally, it will support stablecoin and will provide compliance services like KYC and AML monitoring.
The payments unicorn is launching its crypto services in the United States and has plans to expand to another 35 countries, including Australia, Singapore and Hong Kong, by next year. In addition, it is aiming to expand its supported digital assets.
Commenting on the new services, Nium’s Co-Founder and CEO, Prajit Nanu, 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 company launched the services when the cryptocurrency market touched an all-new high with growing demand among both retail and institutional investors.
Expansion of Existing Markets
Apart from the Crypto-as-a-Service solution, the fintech firm expanded its existing Banking-as-a-Service to the United States. Under this suite, the company allows its clients to tap services like pay-outs, pay-ins and card issuance.
The Singapore-based company gained the status of a unicorn startup with a valuation of more than $1 billion after closing a $200 million funding round in July.
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