Singaporean Payments Unicorn Nium Launches Crypto-as-a-Service Platform

Singapore-based payments unicorn Nium has rolled out a crypto-as-a-service (CaaS) offering aimed at financial institutions.

• Nium provides turn-key, purpose-built API suites for new and traditional finance companies. Its latest offering seeks to provide ready-made tools amid a period of high demand in crypto.

• The company said its new CaaS will provide institutions with “in-demand capabilities” for crypto investment and initially supports up to five cryptos, according to a statement on Monday.

• Through an API connection to its platform, the firm says its clients can embed crypto marketplace services, along with know-your-customer (KYC), regulatory monitoring, brokerage, custody and processing.

• Nium has decided to launch its product throughout the U.S., with a further 15 cryptos expected to be added to be added to the service by next year. Another 25 countries and jurisdictions are expected to be supported by next year, including Australia, Singapore and Hong Kong.

• In July, Nium secured $200 million in fresh funding led by tech investor Riverwood Capital receiving unicorn status with a valuation above $1 billion.

• “Our global clients are seeking more and more ways to differentiate their core offerings,” said Prajit Nanu, co-founder and CEO at Nium. “We offer access to modular fintech elements for payments and card issuing - and now, crypto.”

Read more: Crypto as a Payment System? Here We Go Again