Nium Introduces Global Platform For Crypto-as-a-Service, Extends its BaaS Solution to US Markets

Nium, a company focused on payments and card issuance for businesses, has launched a global Crypto-as-a-Service (CaaS) solution and announced the extension of its Banking-as-a-Service (BaaS) solution to the US markets.

Initial API-based elements from the new CaaS offering will enable financial institutions to “add in-demand capabilities for cryptocurrency investment,” according to a release.

The announcement also mentioned that the cryptocurrency investment services will support five digital currencies in the U.S. in 2021, “with the list of supported currencies growing to 20 in 35 countries in 2022.”

Nium’s CaaS platform launches at a time when crypto has “emerged as one of the most popular investment asset classes,” the update noted.

As stated in a release, total market capitalization of all virtual currencies totals US$2.19 trillion, making the asset class “the world’s 8th largest economy by gross domestic product.”

Over $112 billion in crypto is traded daily. To help banking institutions, businesses and neo-financial institutions take advantage of this demand, Nium provides API-powered access to its crypto investment services.

Via a single API connection to its platform, customers are able to embed capabilities to pruchase, sell, and hold crypto-assets, “all 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,” the announcement revealed.

Prajit Nanu, Co-Founder and CEO at Nium, stated:

“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.”

Nium’s Crypto-as-a-Service solution includes the following:

  • Comprehensive Cryptocurrency Investment Services: Embed cryptocurrency investment services into any application, including ability to buy, sell, and hold popular digital currencies, such Bitcoin, Ethereum and Litecoin. These services are powered by Paxos Crypto Brokerage, a regulated enterprise-grade solution.
  • Stablecoin Support: Provide clients with a stablecoin investment option. Nium supports Pax Dollar USDP (powered by Paxos) which is regulated and 100% backed by US Dollars and cash equivalents, allowing end users to immediately exchange between the stable currency and other cryptocurrencies.
  • Cryptocurrency Compliance Services: Integrate services quickly and easily, with ready-to-go compliance services including KYC and AML monitoring, and Nium handling the brokerage, custody and processing of the crypto for customers.
    Available now: Be one of the first businesses to access this service now in the U.S.
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