InstaReM Rebrands Under Open Payment Platform Nium; Will The RippleNet Relationship Be Affected?
InstaRem, a RippleNet partner and payment provider, recently announced that they are looking to rebrand, and plans are underway to make the company a component of Nium. The official announcement made it clear that the rebrand was part of a strategy after the $41m funding round. The company stated that Nium's objective is to come up with a world of ‘Open Money' that will ease business transactions.
From the open money world, businesses will now spend, send, and receive cash conveniently from any part of the world. InstaRem had initially partnered with Ripple in a strategic plan. The main objective for that strategic partnership was to enhance secure and quick payouts for the Southeast Asia members of RippleNet.
Prajit Nanu, co-founder, and Nium CEO, said,
“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe.“
Prajit also added that this reformed business would,
“Express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstRem to Nium. We aspire to become enablers, creators of an open platform that businesses and partners can build a world free of old constraints and restrictions – a true world of Open Money. This is Nium.”
In trying to dig deeper into what the partnership entails, the announcement made it definite that InstaRem will still be a digital remittance solution that will be fueled by the Nium platform. Back in September, InstaRem had initiated its money transfer service for digital assets.
This service, which was launched in Canada, was to assist Canadians in sending money to more than sixty countries at low fees.