Payments Unicorn Nium Launches Caas Solution for Financial Institutions

Singapore-based payments provider Nium has unveiled a global Crypto-as-a-Service (CaaS) solution for the fintech industry. The company also announced it was extending its Banking-as-a-Service (BaaS) solution to the United States.

According to the statement, the CaaS solution will allow the fintech institutions to add “in-demand capabilities” for cryptocurrency investments. Initially, the cryptocurrency investment service will provide support for five cryptocurrencies. In 2022, this number will increase to between 20 and 35.

By connecting an API to its platform, clients will be able to embed crypto marketplace services, as well as KYC, regulation, brokerage, custodial services, and processing. These initial offerings will be followed by additional crypto services like stable coin wallets and crypto payment acceptance.

Why the launch is important

The launch of the product comes at a time when more investors are diversifying their investment portfolios with crypto assets. This has made cryptocurrency one of the largest investment asset classes. With a market capitalization of US$2.19 trillion. Also, more than $112 billion in crypto is traded daily.

The product will be launched throughout the U.S. Subsequently, another 25 countries and jurisdictions including Australia, Singapore, and Hong Kong will be supported in 2022.

Co-founder and CEO of Nium Prajit Nanu said, “Our global clients are seeking more and more ways to differentiate their core offerings. Our embedded finance solutions accelerate the road to innovation for all businesses.

Nium Extends Banking-as-a-Service solution to the United States

Additionally, Nium also announced it would extend its Banking-as-a-Service solution to the United States. Before this, Nium supports payments to about 190 countries, over 100 currencies, and received payments from 35 markets. Also, it issues its virtual and physical cards in 33 countries and has now 31 million issuers.

After the growth in Europe and APAC, the company is now expanding into the largest market globally and is poised for success with the inclusion of card issuance in its American offering.