Nium launches crypto platform for institutional clients

The Singapore-based payments service Nium has launched a Crypto-as-a-Service (CaaS, cryptocurrencies as a service) platform. It is aimed at US-registered banks, corporations, and fintech startups.

We’re incredibly excited to launch Cryptocurrency investments and broaden card issuance services as part of our expanded global #EmbeddedFinance platform.

Read details: https://t.co/jFd21f7H3O#FinTech #B2B #Crypto pic.twitter.com/9YUy10CE7q

— NIUM (@NiumGlobal) October 25, 2021

The service offers ready-made specialized API sets. Through the solution, clients can implement features such as digital asset trading, KYC compliance, regulatory compliance, brokerage services, custody and payment processing. 

In the future, crypto payments will be accepted and wallets supporting stablecoins will be introduced.

The partner is Paxos Crypto Brokerage.

The platform supports five cryptocurrencies — Bitcoin, Litecoin, Ethereum, and Pax Dollar. The fifth name is not disclosed. Next year, the number will rise to 20.

In 2022, Nium plans to enter markets in 25 jurisdictions, including Australia, Singapore and Hong Kong.

Following a July investment round, the payments service was valued at over $1 billion. Temasek and Visa participated. At the time, the firm reported issuing 30 million virtual cards and an annual payments processing volume of $8 billion.

Earlier, in September, the digital asset custodian Cobo Wallet raised $40 million to launch and develop a DeFi-as-a-Service (DaaS, DeFi as a Service) platform aimed at institutional investors.

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