NIUM has launched a product for businesses to embed cryptocurrency services into any application, allowing their clients to buy, sell and hold digital currencies such as Bitcoin, Ethereum and Litecoin.

Nium takes care of the KYC (know-your-customer) process, regulatory and compliance monitoring, and the brokerage, custody and processing of the cryptocurrency. The startup has partnered Paxos Crypto Brokerage for the service.

Financial institutions will have access to the cryptocurrency investment capability through a single application programming interface.

The service will support 5 cryptocurrencies in the US this year and selected Asia-Pacific markets such as Singapore, Australia and Hong Kong in 2022. The number of supported currencies is expected to reach 20 across 35 territories next year.

The move comes as cryptocurrency emerges as an increasingly popular asset class. "Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services," said Nium chief executive Prajit Nanu.

Nium plans to add other crypto services to its new product, including stablecoin wallets and crypto payment acceptance.

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The Temasek-backed company is expanding its presence in North America, where Nanu recently relocated to from Singapore, as it eyes a New York initial public offering in the next 20 months and a secondary listing in Singapore.

It is extending its complete "banking-as-a-service" solution to the US. Nium supports pay-outs to 190 countries, including 85 in real time, in over 100 currencies and pay-ins to 35 markets. Its virtual and physical card issuance business is available in 33 countries.

Nium holds 11 financial licences globally. In July, it announced a fundraise of more than US$200 million led by Riverwood Capital, which pushed its valuation above US$1 billion. Singapore sovereign wealth fund GIC participated in the round, regulatory filings show.

As part of its push into the trillion-dollar travel industry, the company acquired London-based travel payments player Ixaris for £15 million (S$28 million). Ixaris helps airlines and online travel agents reduce surcharges, earn rebates, flatten foreign exchange fees and streamline reconciliation.

READ MORE:

• Temasek-backed Nium to expand in US ahead of potential listing

• Singapore fintech startup Nium tops US$1b valuation

• Temasek-backed Nium to acquire travel payments company Ixaris for potentially £15m