According to a Wednesday (Oct. 26) news release, the collaboration will also let Nium customers buy and sell crypto and is made possible through an application programming interface (API) integration with Zero Hash’s platform.
“Crypto is undoubtedly playing a significant role in the B2B space with businesses actively seeking new ways to differentiate their core offerings,” Joaquín Ayuso de Paúl, head of Nium Crypto and Web3, said in the release.
“By incorporating products like crypto invest and pay with crypto, businesses can create new revenue streams to stay ahead of their competition.”
Nium says its platform is among the first to combine “the power of a trusted payments network with the decentralized and nimble crypto rails.”
The partnership will let it use Zero Hash’s crypto-as-a-service infrastructure to remove technological and regulatory complexities from crypto-to-fiat conversions and launch crypto-based products, such as liquidity, settlement, custody, and compliance infrastructure.
Earlier this week, PYMNTS reported on a move by Mastercard to provide support to financial institutions that wish to offer customers white-label cryptocurrency trading and custody services.
A recent survey by the card payments giant showed that 60% of consumers were interested in a bank that offered crypto services, Raj Dhamodharan, Mastercard executive vice president of blockchain and digital asset partnerships and digital partnerships, told PYMNTS’ Karen Webster.
“Crypto is entering a maturity cycle where more and more consumers are interested in investing in it as an asset class,” he said, adding that many want to get those services from the financial institution with which they do business each day.
“This is the same thing that happened in the stock trading and investing world as well,” said Dhamodharan. “There used to be individual companies that offered trading and then over time, every financial institution began offering stock trading as part of their financial services portfolio.”
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