Nium Launches Crypto-as-a-Service with Trading, Compliance Support

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term like Bitcoin, Ethereum and Litecoin. Additionally, it will support stablecoin and will provide compliance services like KYC and AML monitoring.

The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.