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Singapore is growing to become one of the leading cryptocurrency countries in the world.
Singapore’s NIUM now offering crypto services
Singapore-based payments unicorn Nium has rolled out a crypto-as-a-service (CaaS) offering for financial institutions. The fintech firm announced this latest development via a press release earlier today.
Nium said the cryptocurrency investment services will support five cryptocurrencies in the U.S. in 2021, with the list of supported currencies growing to 20 in 35 countries in 2022. Prajit Nanu, Co-Founder and CEO at Nium, stated that
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.
The fintech firm added that its Crypto-as-a-Service solution includes a crypto investment service that allows users to buy, sell, and hold popular digital currencies, such as Bitcoin, Ethereum and Litecoin. Nium partnered with Paxos Crypto Brokerage, a regulated enterprise-grade solution, to provide this service.
Financial institutions can also enjoy the stablecoin investment option available on the platform. Nium supports Pax Dollar USDP (powered by Paxos), which is regulated and 100% backed by U.S. Dollars and cash equivalents, allowing end-users to immediately exchange between the stable currency and other cryptocurrencies.
Finally, financial institutions can integrate services quickly and easily, thanks to Nium’s ready-to-go compliance services, including KYC and AML monitoring. Nium said it would be in charge of the brokerage, custody and processing of the crypto for customers.
The crypto space is witnessing an influx of fintech firms
The past few months have seen numerous fintech companies enter the cryptocurrency space. PayPal, Robinhood, MoneyLion, Revolut and several others have started offering cryptocurrency trading services to their clients.
Stripe is also seeking to re-enter the cryptocurrency space as the demand for cryptos continues to increase.
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