Blockchain Press Releases
Nium announces 2022 net revenue grew 2.7x YoY to US$82M
The company’s 2022 annual audit shows impressive growth with a focus on regional expansion, becoming first fintech startup from Singapore to have over 20 offices globally
SAN FRANCISCO and SINGAPORE, July 31, 2023 /PRNewswire/ — Nium, the leader in real-time global payments, has published its 2022 audit, showing US$82M in net revenue which grew 2.7x YoY and ended at more than $100M net revenue run rate. Nium is Singapore’s first global fintech focused on payments to reach this revenue milestone. In 2022, the company focused its development on serving high-growth client use cases, in industries such as travel, payroll, spend management, and financial services. This strategy has allowed for the business to accelerate its growth agenda, including global expansion, organic product innovation, continued hiring of top talent, and M&A activity.
“Moving money across borders is broken,” said Prajit Nanu, Founder and CEO at Nium. “Legacy banks and payment processors have failed to give businesses the solutions they need to expand globally. Nium fills this gap and has emerged as the new global business standard for real-time, cross-border money movement. We are thrilled to see such success last year and are extremely bullish on not only the scale we’ve already seen this year, but what we’ll see by the end of 2023.”
Nium has hundreds of clients across multiple industries including financial institutions, payroll, spend management, and travel. Financial institutions were a priority last year as Nium focused on helping them target new markets with instant bank payouts and expand to emerging markets. Nium powers among the largest brands and platforms in the globe, including Rippling, Payoneer, Amadeus, Aspire, MasterCard and eDreams.
Nium’s issuing product also saw substantial success, with over 30M cards issued just last year. Nium helps navigate this rapidly changing landscape, by allowing travel intermediaries and operators to efficiently pay travel suppliers around the world, optimizing every transaction for maximum profitability. On the product side, the company launched Nium Airline Payments, a closed-loop payments solution powered by Universal Air Travel Plan, which provides airlines, travel agents, and online travel agencies with a sustainable and equitable ‘closed loop’ payment model.
Last year saw exponential growth on Nium’s leadership team, including the hires of CPO, Robin Gandhi; GC, Dylan Lowrey; and CTO, Ramana Satyavarapu. With hiring at the forefront, the Nium team was awarded the Great Places to Work certification in India, Malta, Singapore, and the US. Nium also expanded into new markets, including Malaysia and Japan. Due to this expansion of the company and team, Nium saw a slightly higher burn rate than in 2021.
Over the past year Nium raised additional capital at a $2.0bn valuation, adding new investors such as BOND, NewView Capital, Moore Capital and Tribe Capital. The business is very well capitalized and continues to invest in product innovation, new markets and M&A opportunities. “Our investors believe in our mission of building the payments infrastructure for on-demand money and our funding has helped us accelerate our growth aspirations. We’re thrilled to have the support of these notable investors and continue to look forward to working closely together to advance our business.” said Nanu.
Nium plays in the foundational payment infrastructure market that has proven to be one of the few thriving markets during these challenging times. The company’s extensive global reach, broad license portfolio, real-time payments network, enhanced payroll solution, and a team of industry leaders have been the pillars of its success. In 2023, Nium has been focused on regional expansion. The company’s recent hires of Volker Steinle to lead Americas business development, Anupam Pahuja to lead Asia Pacific and Middle East business development, and Manuel Sandhofer to lead Europe business development are examples of that investment. This expertise, coupled with new licenses pending regulatory approval, has set Nium up for success in emerging markets including LATAM and Africa. The company has also recently opened new offices in San Francisco, Amsterdam, India, and Singapore.
About Nium
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.
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Blockchain Press Releases
HTX Collaborates with Astar Network to Accelerate Blockchain Innovation through the TGE Catalyst Grant
SINGAPORE, May 8, 2024 /PRNewswire/ — The leading digital assets exchange HTX has collaborated with Astar Network, a blockchain that aims to become Polkadot’s “smart contract hub” and serves as a parachain for Polkadot, in support of its newly launched “TGE Catalyst Grant. This initiative marks a significant step forward in fostering innovation within the blockchain ecosystem, particularly through the Astar zkEVM platform.
The TGE Catalyst Grant is designed to empower emerging projects preparing for their Token Generation Events (TGE) on Astar’s zkEVM. This groundbreaking program provides a holistic support package that includes financial assistance, strategic collaboration with key opinion leaders, and robust marketing campaigns, all aimed at ensuring successful token launches.
“As an active participant in the blockchain sector, HTX is committed to supporting transformative projects that drive the industry forward. Our collaboration with Astar Network through the TGE Catalyst Grant underscores our HTX Ventures’ dedication to nurturing innovation and providing comprehensive market support from the outset,” said Edward, Managing Partner of HTX Ventures. “We are excited to work alongside Astar Network and other leading exchanges to facilitate a new generation of token projects, ensuring they have the tools and support needed to succeed.”
HTX Ventures, the global investment arm of the HTX, has been an investor in Astar Network since 2021, demonstrating a long-term commitment to the growth and success of Astar’s platform and its associated projects.
“We are deeply grateful for the support from HTX and their belief in our vision to expand the frontiers of blockchain technology.” said Astar Network, “This collaboration through the TGE Catalyst Grant not only accelerates our mission at Astar Network but also cultivates significant synergies that will enhance our joint efforts to drive global blockchain innovation. We are excited about the future and look forward to working together to bring about transformative impacts within the ecosystem.”
Key features of the TGE Catalyst Grant include:
- Strategic CEX Collaboration: Streamlining the listing process and boosting market momentum through collaborations with top CEXs including HTX.
- Unique Marketing and KOL Alliances: Utilizing Astar’s “SAMURAI Support” marketing framework to enhance project visibility and engagement within the Web3 community.
- Listing Acceleration Package: Offering financial support for marketing and promotional activities on CEXs, alongside liquidity advisory services and audit support to ensure project readiness and security.
HTX’s involvement in the TGE Catalyst Grant not only strengthens its portfolio of innovative blockchain services but also enhances its role as a catalyst in the decentralized finance (DeFi) landscape.
About HTX:
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3.
Contact Details
Michael Wang
[email protected]
Company Website
https://www.htx.com/
About Astar:
Astar Network is the gateway for projects across enterprises, entertainment & gaming in Japan and beyond, driving global adoption and delivering web3 to billions. It leverages a cross-virtual machine powered by Polygon and Polkadot to offer customizable blockchain solutions that accelerate web3 adoption. With zk-powered Ethereum L2 Scaling (zkEVM), EVM, WASM, and a cutting-edge ecosystem, Astar delivers robust, secure, and interoperable web3 technology.
Astar zkEVM is the new Layer-2 solution to scale a web3 experience on Ethereum with zero knowledge (ZK) technology. Astar Network connects you to web3.
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View original content:https://www.prnewswire.co.uk/news-releases/htx-collaborates-with-astar-network-to-accelerate-blockchain-innovation-through-the-tge-catalyst-grant-302140043.html
Blockchain fragmentation, stemming from the proliferation of diverse blockchain networks, poses challenges for interoperability and seamless data exchange. In response, omnichain protocols emerge as a solution to bridge these fragmented ecosystems.
These protocols aim to create a unified framework that enables communication and data transfer across multiple blockchain networks. By establishing common standards and protocols, omnichain solutions facilitate interoperability, allowing different blockchains to interact seamlessly.
The adoption of omnichain protocols addresses key issues such as data silos, redundant processes, and inefficiencies caused by blockchain fragmentation. These protocols enable businesses and developers to leverage the strengths of various blockchain networks while mitigating the drawbacks of fragmentation.
With omnichain protocols, organizations can achieve greater flexibility, scalability, and efficiency in their blockchain implementations. These protocols provide a foundation for building interconnected blockchain ecosystems, fostering innovation and collaboration across industries.
As blockchain technology continues to evolve, omnichain protocols play a vital role in overcoming the challenges of blockchain fragmentation and unlocking the full potential of distributed ledger technology.
Source: cointepegraph.com
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Germany’s state-owned bank, Kreditanstalt fuer Wiederaufbau (KfW), is set to embrace the digital age by issuing its first blockchain-based digital bond. This move signals the bank’s foray into blockchain technology and its commitment to driving its adoption in the financial sector.
The bond that KfW plans to issue will be tokenized, marking it as a ‘crypto security.’ This tokenization involves representing the bond on a blockchain, enabling validation of its transactional history and ownership.
Tokenizing bonds offers several advantages, including the automation of various aspects of bond management such as interest payments and maturity settlements. Additionally, it reduces the need for intermediaries in the process, thereby cutting down on overall transaction costs.
Melanie Kehr, a member of the Executive Board of KfW Group, expressed the bank’s innovative approach in testing new financial market products. She emphasized that the issuance of the digital bond under the German Electronic Securities Act reflects the bank’s commitment to exploring innovative solutions in the financial market.
The issuance of the blockchain-based bond marks a significant step for KfW, as it seeks to attract investors and enhance efficiency and scalability in bond transactions. Tim Armbruster, Treasurer at KfW, highlighted the importance of digitalization in increasing efficiency and scalability, emphasizing the bank’s goal of attracting a wide range of investors for the digital bond.
KfW plans to engage in dialogues with institutional investors in Europe to better understand their needs and explore the potential of blockchain technology in fintech. Cashlink Technologies GmbH, a Frankfurt-based fintech company, will serve as the crypto securities registrar for KfW, facilitating the issuance of the digital bond.
The decision by KfW to issue a blockchain-based digital bond underscores the growing interest in blockchain technology within the financial sector. It represents a significant step towards leveraging blockchain for innovation and efficiency in financial markets.
Source: cryptonews.com
The post State-owned German Bank Set to Introduce Blockchain-Backed Digital Bonds appeared first on HIPTHER Alerts.
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