no acquired Cypher To further develop Nium as the core infrastructure layer for compatible money movement and value exchange that connects fiat and digital assets.
The acquisition combines Nium’s cross-border payments infrastructure with Cypher’s native non-custodial cryptocurrency wallet and issuance capabilities, Nium said on Wednesday (July 8). press release.
This combination will help Nium build and scale products for native cryptocurrency users and deliver products that serve this customer segment while maintaining the security, compliance and reliability of the existing global payments infrastructure, according to the statement.
NEOM has seen increasing demand for card issuance, global infrastructure for money movement and paper-to-digital bridges from consumer-facing Web3 companies and traditional fintech companies, the statement said.
This demand has grown since Nium launched its stablecoin-backed issuance product and expanded its cross-border payment network to support stablecoin funding and settlement, according to the statement.
Not the CEO Praguet Nano He said in the statement that the company aims to make money move quickly and accurately, regardless of origin or destination.
“We are building the critical infrastructure to drive this change, and the acquisition of Cypher gives us the leverage to accelerate what we are building,” Nano said.
With the acquisition, Cypher founder Kuberan Marimuthu The Cypher engineering team has joined Nium, according to the statement.
Marimuthu said on Wednesday mail On LinkedIn: “Very excited to share that Nium has acquired Cypher. The entire team is collaborating with Prajit Nanu and his team in expanding their existing money movement business on their ambitious digital asset initiatives.”
Message on Cypher Home The company says it has been acquired by Nium and that Cypher is on the verge of expiration, with its services set to end on September 6.
Nium announced in May that it had teamed up with… circle To connect stablecoin settlement to the global level Pay compensation Infrastructure. With Nium joining the Circle Payment Network (CPN) as a payment partner, financial institutions will be able to transfer funds via Circle’s USDC stablecoin and settle in local currencies in over 190 countries.
In March, it launched Nium Stablecoin card Issuing platform, saying that this solution is designed to allow companies that hold stablecoins to issue spending cards to both Visa and MasterCard Networking through a single API integration. This allows the coins to be used on hundreds of millions of trading sites around the world.
