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Ripple Partner Nium New Service Will Target Banks

Singaporean embedded finance company Nium has launched in the US and extended its range of Banking-as-a-Service products to include cryptocurrency buying.

Initial API-based elements from the new Crypto-as-a-Service offering will allow financial institutions to add in-demand capabilities for cryptocurrency investment. The cryptocurrency investment services, supported by Paxos Crypto Brokerage, will support five cryptocurrencies in the US in 2021, with the list of supported currencies growing to 20 in 35 countries in 2022.

Through one API connection to its platform, clients can embed capabilities to buy, sell, and hold crypto, supported by Nium with KYC, regulatory and compliance monitoring, brokerage, custody, and processing of the cryptocurrency.

These initial offerings will be followed by a roadmap of additional crypto services, including stablecoin wallets and crypto payment acceptance, says Prajit Nanu, co-founder and CEO at Nium.

“Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services,” he says. “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.”

Luanchingg in the US, Nium’s modular platform helps businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries – 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium’s growing card issuance business is already available in 33 countries, including Europe, the UK, Australia and Singapore.

The roll out to US markets follows the completion of a $200 million funding round in July.

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Source: Finextra.com

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