Cryptocurrency is a fast-growing topic of conversation in today’s financial and digital world. The crypto market, with almost $2 trillion in circulation, is now taking the shape of a service platform to support rising transaction volume. In simple terms, crypto-as-a-service means providing the digital infrastructure to businesses necessary for cryptocurrency transaction/trading (buying, selling, or investing) done by their retail or business clients.
This as-a-service solution makes it easier for banks, merchants, financial services firms, and other related businesses to offer a wide range of crypto services to their customers. Consequently, customers get to enjoy the benefits of broad access to the digital assets industry without having ambiguity or guesswork.
Growing Crypto Demand: Key Driver behind Crypto-as-a-Service
The crypto-as-a-service solution provides merchants, banks, and brands with a unique opportunity to satisfy an increasing demand for cryptocurrency and payments flexibility. The digital assets markets, particularly crypto, are continuously becoming very popular among consumers to conduct transactions and exchanges. It is no surprise that according to Visa, $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first half of 2021 alone.
The supporting research keeps finding more proof of this trend; a recent study found that 48% of people in the US purchased cryptocurrency in the first half of 2021. Meanwhile, in another survey, 40% of people across different geographies plan to use cryptocurrency in the next year, in addition to 77% of millennials agreeing to use crypto if they understood it better.
Benefits of Using Crypto-as-a-Service
Use Cases of Crypto-As-A-Service
Nium Has Launched the World’s First Crypto-As-A-Service
Nium’s Crypto-as-a-Service offering allows financial institutions to add in-demand capabilities for cryptocurrency investment. The cryptocurrency investment services will support five cryptocurrencies in the US in 2021, with the list of supported currencies growing to 20 in 35 countries in 2022.
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. Start building your crypto capabilities by becoming one of the first businesses to access this service.