Bitcoin Daily: Singapore FinTech Nium Debuts Crypto-as-a-Service Platform; BlockBank Readies Launch of DeFi App Powered by AI
Nium, which works in global payment and card issuance for businesses, has rolled out a Crypto-as-a-Service (CaaS) solution to allow financial institutions (FIs) to add capabilities to buy, sell, and hold cryptocurrencies, according to a press release.
Nium will allow support for five cryptocurrencies in the U.S. in 2021, the release stated. Then that will be boosted to 20 in 35 countries by next year.
The debut of the CaaS platform comes as crypto is seeing new popularity. The total market capitalization of all cryptos is $2.19 trillion, according to the release. With those numbers, cryptocurrency is the world’s eighth largest economy by sheer gross domestic product (GDP).
“Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative FinTech services,” said Nium Co-Founder and CEO Prajit Nanu said in the release. “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.”
Meanwhile, mobile banking platform BlockBank will be rolling out a new financial application by the end of the year to help users get more financial empowerment and combine traditional finance with decentralized finance (DeFi), according to a press release.
BlockBank, which pairs mobile banking with DeFi and artificial intelligence (AI), wants to make sure everyone has access to tools to get into the crypto market, the release stated. Its goal is to break down barriers, such as lack of knowledge or limited time to research.
BlockBank also boasts the use of its AI Robo Advisor to guide users of all levels through the DeFi world, according to the release. The advisor also cuts down on the amount of time users have to spend on research, as it provides data and resources to let them make quicker and more informed decisions.
The BlockBank AI tech will soon have a “fully-fledged advisory role,” letting user-approved automated order management happen, alongside other features, the release stated.