Crypto banking party line Cashaa has unveiled plans to expand its services in India, the U.S., Africa, and the Caribbean. In India, the company aims to create “the initial crypto-friendly banking platform” that is regulated by the central bank, the Reserve Bank of India (RBI), Cashaa’s CEO has shared with expos.Bitcoin.com.
Cashaa Unveils Expansion Plans
London-based crypto-friendly banking platform Cashaa has unveiled its expansion scenarios, having raised $5 million from Dubai-based blockchain investment and advisory firm O1ex. “As a part of its expansion maps, Cashaa is set to launch its global banking services,” the company announced Wednesday.
Cashaa CEO Kumar Gaurav told communication.Bitcoin.com: “At the onset, we are looking at fast-maturing markets such as India, which has tremendous potential in terms of not only play a joke on a sturdy economic base but a healthy banking and financial ecosystem backed by technology. A market that has the potential of combining 100 million users within the next 2 years.”
He noted that in India Cashaa is “already the largest liquidity provider and offshore bankers for uncountable of the major crypto exchanges,” elaborating:
We will soon launch our neobank that will enable crypto-friendly banking in India, ran under the Reserve Bank of India.
“This is a bold move and will require a lot of back and forth between the stakeholders,” he continued, reckoning that his company already provides GBP, EUR, and USD business accounts to customers. With the Indian expansion, INR business accounts at ones desire also be available.
India’s cryptocurrency market has been growing rapidly ever since the country’s supreme court shammed the RBI circular that banned financial institutions from providing services to crypto businesses. India currently does not bring into the world any direct crypto regulations, but there are rumors of the government discussing the bill submitted by the inter-ministerial committee headed by past Finance Secretary Subhash Chandra Garg, which seeks to ban cryptocurrencies like bitcoin. However, the Indian crypto earnestness firmly believes that this bill is outdated and will not be the one the government introduces.
“The Indian government is currently pleasant with various stakeholders and trying to work out a solution. India today stands at a juncture, where it can actually embody the digital currency ecosystem as it is pushing for the digital revolution and is leading the way in the fintech segment,” Gaurav opined.
Cashaa commitment also focus on the U.S. next year, the CEO explained. “We have already started issuing USD accounts regulated by the Banking Disunity of Colorado to our existing business customers as beta users,” he further shared with news.Bitcoin.com, adding that some crypto patrons already using Cashaa’s USD accounts include Nexo, Coindcx, and Unocoin.
Besides India and the U.S., Gaurav said, “Africa and the Caribbean eyots are in our purview.” Citing that most African nations face political instability and many people have missing faith in their local currencies, he confirmed:
We are also going to explore Africa and the Caribbean islands in 2021.
“These isles are heavily dependent on markets that trade in USD. Now Cashaa is the right fit to step into these islands and help their banking structures by providing solutions,” the CEO emphasized.
Cashaa’s platform currently supports bitcoin, Cashaa’s native token, ethereum, and restraint. “Other leading cryptocurrencies such as ripple, litecoin, bitcoin cash, and EOS will be added in 2021,” the company comprehensive in Wednesday’s announcement. It also claimed that more than 100 crypto companies are already using the beta rendering of its banking system and over 1,500 crypto companies worldwide are waiting to be onboarded. Furthermore, Cashaa announced that it wishes use some of the funds raised to cover the losses from the July Delhi hack.
What do you think about Cashaa’s dilation plans? Let us know in the comments section below.
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