Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Nium’s API-based elements from the CaaS offering will allow different financial institutions to bring in-demand capabilities for crypto investments.
On Monday, October 25, Singapore-based fintech firm Nium announced that it will start expanding its Banking-as-a-Service products in the United States. However, the bigger announcement from Nium is that it will also be launching a Crypto-as-a-Service (CaaS) solution.
Some API-based elements from the CaaS offering will allow different financial institutions to bring in-demand capabilities for crypto investments. For the rest of 2021, Nium’s crypto investment services will support five digital assets in the US. In the next year of 2022, the list of supported cryptos will grow to 20 across 35 countries.
With just one API connection to the Nium platform, clients can embed the capability to buy, sell, and hold crypto. Besides, Nium will also ensure KYC, regulatory and compliance monitoring, along with brokerage, custody, and crypto processing. With the successful implementation of these offerings, Nium will further expand to additional crypto services. This includes stablecoin wallets and crypto payments acceptance. KYC, regulatory and compliance monitoring, 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.”
Nium Crypto-as-a-Service Solution
Nium specializes in offering API solutions to banks, payment providers, and businesses helping them gain access to global payment services. It crypto-as-a-service solution will introduce services that include:
- Comprehensive Crypto Investment Services: This will allow embedding crypto investment services to any application. These services shall be partnered by regulated enterprise-grade solution Paxos Crypto Brokerage.
- Crypto Compliance Service: Nium will offer ready-to-go compliance services to its clients including AML monitoring and KYC. As said, Nium will handle the brokerage, custody and processing of crypto assets for customers.
- Stablecoin Support: Nium will offer its clients stablecoin investment options. It will support the regulated stablecoin Paxos Dollar (USDP). this will allow users to immediately exchange stablecoins with other cryptocurrencies.
Nium’s crypto services for financial institutions come just at a time when the crypto landscape is expanding fast.