Nium, a Singaporean financial services technology provider, launches Crypto Accept to allow merchants receive cryptocurrency settlements.
According to the report, the Fintech company’s new product will accept settlements in BTC and ETH. The company says that it looks forward to including other virtual assets into its API-powered platform next year.
How the Platform Works
Per the platform’s procedures, the API-powered system sends payment to digital traders in USD or other legal tenders within 24 hours.
This solution, according to observers, would allow traders to increase their market reach and help advance their digital payment circumstances. Crypto Accept also holds the promise to help digital traders avoid price instability.
The Singaporean company set up the platform via a partnership with BitPay, a digital currency payment processing firm.
Customers on the platform would have the opportunity to select the cryptocurrency of their choice before scanning a quick response 2D code to finalize the deal.
Crypto Accept’s service would afterward verify the availability of the specific cryptocurrency and complete the deal in the trader’s preferred currency.
Nium, formerly known as Instarem, took off in 2014 as a financial services technology provider in the Asian country. Today, the firm says it hosts about 130 million users globally, with a registration license across four different continents of the world.
An Increasingly Popular Occurrence
The latest development at Nium follows an increasingly popular trend of seeing cross-border payment platforms accept digital assets in settlements.
Earlier today, PayMaya, a notable Fintech services provider, announced the launch of a new option that would allow users to buy and sell in digital currencies.
Venmo, another payment platform owned by PayPal, also has a similar option that allows users to save, buy, and sell in digital currencies through the app. The payment possibility reportedly came via cooperation between PayPal and Paxos Trust Company, a blockchain infrastructure services provider.
In another development, a prominent bank based in Israel partnered with Paxos to help its account holders trade and save in BTC and ETH. The Israeli lender, Leumi Bank, announced the news last month to the delight of the crypto community in Israel and the rest of the world.
However, the announcement didn’t include a commencement date. The bank says the initiative’s start date depends on when it receives regulatory permissions.
Like Nium, Leumi Bank says its proposed action would only allow Bitcoin and Ethereum payments in its initial stages. It intends to include other cryptocurrencies subsequently.
Reducing Aversion to Digital Assets
Different financial institutions globally have been wary of accepting digital assets in the past. However, that trend reverses as the demand for digital currencies from individual clients and corporate organizations increases.
On the part of regulators, creating a regulatory structure now replaces the initial flat-out rejection of crypto assets.
Previously, Leumi Bank had banned an account belonging to a crypto exchange for fear of a regulatory crackdown. However, a court ruling in Israel adjudged that the bank didn’t have the right to prohibit the digital assets exchange’s account.
These developments signal a significant shift in the world’s financial services sector’s response to cryptocurrencies. Many observers expect the trend to spread towards less-welcoming countries and world regions.