Nium, a Singapore-based payments unicorn, has rolled out a crypto-as-a-service (CaaS) offering aimed at financial institutions. Yes, the trend has moved from Saas to CaaS now. Nium launched as Instarem in 2014, providing fast, safe and easy money transfers to friends and family abroad and quickly grew to process billions of transactions each year.
As companies attempt to transition from web2 to web3, enabler platforms like these are going to rise. Nium provides turn-key purpose-built API suites for new and traditional finance companies. They are mainly focussing on banks and financial institutions getting into crypto. Clients can embed capabilities to buy, sell, and hold crypto through one API connection to its platform, supported by Nium. The platform is embedded with KYC and supports regulatory monitoring, brokerage, custody, and processing.
Nium currently supports five cryptocurrencies and has decided to launch its product throughout the U.S. by offering 15 more cryptocurrencies by next year.
“Our global clients are seeking more and more ways to differentiate their core offerings. We offer access to modular fintech elements for payments and card issuing - and now, crypto,” said Prajit Nanu, co-founder and CEO at Nium