CORE BANKING

Nium Launches First Global Platform For Crypto-as-a-Service And Extends its Banking-as-a-Service Solution To The U.S.

Nium | October 25, 2021

Nium Launches First Global Platform For Crypto-as-a-Service And Extends its Banking-as-a-Service Solution To The U.S.
Nium, a leader in global payments and card issuance for businesses, today launched the fintech industry's first global Crypto-as-a-Service (CaaS) solution and announced the extension of its Banking-as-a-Service (BaaS) solution to the U.S. Initial API-based elements from the new Crypto-as-a-Service offering will allow financial institutions to add in-demand capabilities for cryptocurrency investment. 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.

Nium's Crypto-as-a-Service platform launches at a time when crypto has emerged as one of the most popular investment asset classes. Total market capitalization of all cryptocurrencies totals US$2.19 trillion, making the asset class the world's 8th largest economy by gross domestic product.1 More than US$112 billion in cryptocurrency is traded per day. To help banks, businesses and neo-financial institutions quickly capitalize on this demand, Nium offers simple API-based access to its crypto investment services. Through one API connection to its platform, clients can embed capabilities to buy, sell, and hold crypto, all supported by Nium with KYC, regulatory and compliance monitoring, brokerage, custody, and processing of the cryptocurrency. These initial offerings will be followed by a roadmap of additional crypto services, including stablecoin wallets and crypto payment acceptance.

Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services. 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."

Prajit Nanu, Co-Founder and CEO at Nium.

Nium's Crypto-as-a-Service solution includes:

  • Comprehensive Cryptocurrency Investment Services: Embed cryptocurrency investment services into any application, including ability to buy, sell, and hold popular digital currencies, such Bitcoin, Ethereum and Litecoin. These services are powered by Paxos Crypto Brokerage, a regulated enterprise-grade solution.
  • Stablecoin Support: Provide clients with a stablecoin investment option. Nium supports Pax Dollar USDP (powered by Paxos) which is regulated and 100% backed by US Dollars and cash equivalents, allowing end users to immediately exchange between the stable currency and other cryptocurrencies.
  • Cryptocurrency Compliance Services: Integrate services quickly and easily, with ready-to-go compliance services including KYC and AML monitoring, and Nium handling the brokerage, custody and processing of the crypto for customers.
  • Available now: Be one of the first businesses to access this service now in the U.S.
  • Nium's Banking-as-a-Service Suite Expands to U.S.

Nium has also announced it is extending its complete Banking-as-a-Service solution to the United States. Nium has one of the most globally comprehensive solutions for pay-outs, pay-ins, and card issuance. Any of these solutions can be integrated either as stand-alone services or as part of a comprehensive Banking-as-a-Service suite. Nium supports pay-outs to as many as 190 countries (85 in real time) in 100+ currencies and pay-ins to 35 markets. On the card issuing front, Nium's reach expands to 33 countries - already issuing 31 million physical and virtual cards globally. This is all supported by 11 global financial licenses and a robust suite of regulatory and compliance technologies.

After rapid growth in APAC and Europe, today's announcement by Nium signals that the company is poised for success in the world's largest market, particularly with the new inclusion of card issuance in its American offering. According to IBIS World, the credit card issuing market in the U.S. is estimated at US$156.7 billion, growing at 10.3% year over year in 20212. This massive market is poised for continued growth as more and more cards are launched to serve niche consumer segment needs. Nium helps businesses get to market fast with new card products, in as little as four weeks - all with a single API connection.

About Nium
Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services via one API. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries - 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 33 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium owns the broadest license portfolio, covering 11 of the world's jurisdictions, enabling seamless global payments and rapid integration, regardless of geography.

Nium was named to the CB Insights Fintech 250 (2020, 2021), which highlights the most promising Fintech companies globally.

Spotlight

The Customer: Big 5 Canadian Bank A Big 51 Canadian bank (“Bank”) that earns over $20 Billion in annual revenue had been suffering from automated attacks on its web and mobile login applications for months. Bad actors were performing credential stuffing attacks on all possible channels: both the Canadian and US websites, mobile

Spotlight

The Customer: Big 5 Canadian Bank A Big 51 Canadian bank (“Bank”) that earns over $20 Billion in annual revenue had been suffering from automated attacks on its web and mobile login applications for months. Bad actors were performing credential stuffing attacks on all possible channels: both the Canadian and US websites, mobile

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Visa | December 08, 2021

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