Nium launches crypto-as-a-service solution in the US
Nium, a payment fintech company, has announced the launch of its crypto-as-a-service(CAAS) solution and also the expansion of its existing banking-as-a-solution service into the US.
This is the first CAAS service to be introduced globally and it will provide the option to businesses to take in investments in crypto as well in the coming months. This is further proof that the acceptance of crypto as an investment instrument among the investor and trader community is complete and this solution will be able to support 5 cryptocurrencies in the US in 2021. The company plans to expand this to 20 cryptocurrencies in over 35 countries in 2022. The solution offers a set of APIs which the companies can integrate into their platforms and this will now enable the companies to offer crypto investment which will be supported by the Paxos Crypto Brokerage at this time.
The Crypto industry has seen some massive expansion over the last couple of years and the volatility and the growth that has been seen in the industry has helped to attract a lot of investors into this field. So, now, more solutions are being built to enable the various existing platforms to integrate crypto into their processes as there is a pressing need for them to do so to stay relevant in this market. It has become imperative for the various financial services firms to look to add crypto into their basket in one form or the other as the demand has been so high and if they fail to do so, then they are likely to be left behind by their competitors.
“Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services,” said Prajit Nanu, co-founder, and CEO at Nium. “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 had recently completed a funding round for $200 million and it is expected that the company would be using these funds to build out further features into its existing BaaS platform and also expand its crypto offering to businesses as well.