While traditional financial institutions may have some difficulty incorporating cryptocurrencies, startups are having much less friction at that. Recently, Nium, a payments unicorn based in Singapore has rolled out crypto services, aiming at financial institutions.
Nium provides turn-key purpose-built API suites for new and traditional finance companies. Its latest offering seeks to provide ready-made tools amid a period of high demand in crypto. Moreover, the company states that its new Crypto-as-a-service (CaaS) will give the institutions ‘in-demand ‘capabilities’ for crypto investment.
In this announcement, co-founder and CEO of Nium, Prajit Nanu said:
“Our global clients are seeking more and more ways to differentiate their core offerings. We offer access to modular fintech elements for payments and card issuing – and now, crypto.”
On a side note, the platform will support up to five cryptos. Furthermore, with an API connection to its platform, the firm states that its clients can embed crypto marketplace services. This is in addition to KYC, regulatory monitoring, brokerage, custody, and processing.
Briefing about the launch, Nium states it will launch its product throughout the United States. Furthermore, it will add 15 additional cryptos alongside the initial five. Following that, Nium will launch its services in Australia, Singapore, and Hong Kong.
In July, the Singaporean payments firm had raised over $200mln, becoming a ‘unicorn’. Unicorn is a club of startups with a total valuation of over a billion dollars.
In the latest investment round, Singapore state investor Temasek Holdings, payments processor Visa Inc (V.N), and venture capital firm Vertex Ventures raised nearly $300 million in the capital.