Singapore’s Nium rolls out CaaS solutions for institutional clients
Singapore’s payment solution company Nium announced on the 25th that it will start offering a series of solutions under ‘Crypto-as-a-Service (CaaS)’. The new service will enable banks, businesses, and neo-financial institutions to handle and accept cryptocurrencies.
As per the announcement, Financial institutions will be able to offer crypto-related products to users by integrating Nium’s API to their platform.
Nium has launched its new product all over the US, offering support for 5 cryptocurrencies. The company intends to spread its operations in 35 countries along with plans to further add support for at least 22 crypto assets.
Nium has cited high demand as the reason behind the new product offering. Prajit Nanu, co-founder and CEO at Nium, said:
“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.”
Financial institutions can also incorporate the functions of purchasing, selling, and holding cryptocurrencies by simply connecting Nium’s API to their platforms.
In addition, Nium will offer support for measures such as KYC (customer identification), compliance monitoring, mediation function, and custody for these functions.
In July, Nium raised $200 million via a funding round led by Riverwood Capital, taking the company’s valuation to $1 billion.
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