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One of the largest Singaporean payment systems, Nium, has announced the launch of a service to support payments in cryptocurrencies.
Cross-border payments specialist Nium has announced the launch of a new API-based solution that will allow businesses to start accepting crypto payments. The new product is called Crypto Accept, allowing online merchants to accept bitcoin and ether. In 2023, the company plans to add other digital assets.
Nium was founded in 2014 in Singapore under the name Instarem. Now the site claims to be one of the largest payment systems with 130 million active users.
The service converts cryptocurrencies into US dollars and sends them to merchant accounts, which allows you to expand the market and make it easier for users to interact with trading platforms, while avoiding price volatility. To launch the new feature, Nium has entered into an agreement with payment service provider BitPay. The service will check the availability of the digital asset and calculate the transaction in the currency chosen by the seller.
According to Nium senior vice president and head Joaquin Ayuso de Paul, users around the world currently own $3 trillion worth of cryptocurrencies and are constantly looking for where to spend this money on the Internet. The company is trying to go in the same direction as other major fintech services, such as the Philippine payment system PayMaya and the American PayPal.
Recall that a week ago, PayMaya officially announced that, starting April 6, it will allow customers to buy, sell and cash out crypto assets through a universal financial application.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.