The first crypto-friendly neo bank to offer services in the UK, Europe, and the USA
London October 13: Cashaa is pleased to announce the launch of its crypto-friendly neo banking platform for the UK, Europe, and the USA. After all the requisite permissions Cashaa has built its own internet banking platform to serve businesses worldwide. The launch will see our new and existing clients being offered business and personal banking facilities with all services being enabled through its internet banking platform.
Speaking to the media, Mr. Kumar Gaurav, Founder & CEO revealed, ‘We are standing at a defining moment in history. It was not an easy task to bring services from multiple jurisdictions under one platform. We had to go through multiple iterations and legal structures to finally accomplish it. With the platform going live across world major markets we are redefining the banking systems as we know them.’
Cashaa started providing banking services using other companies’ platforms in August 2019. In the last 12 months, it onboarded over 200 crypto companies through which it collected massive data for its regulators and banks to prove that not all the companies dealing in cryptocurrencies were involved in money laundering. Hence, it was not fair to judge the companies based on the industry they were in. With a vision to create a better bank, Cashaa worked with multiple regulated entities over the years and was dependent on their platform capabilities. Some of the major companies such as Paxful, Nexo, CoinDCX, and Unocoin among the hundred’s others who are using Cashaa.
In recent times we are seeing an increase in the number of traditional banks that are collapsing. In all of this, the average public is losing their trust in the banking systems. Almost all top banks today, stand vindicated of ignoring regulatory and basic statutory practices. Apart from this several big names in the crypto exchanges and players in the crypto space have come under the radar for malpractices. Hence, we took a conscious decision to tighten our KYCs, AML, Due diligence, sanction check process before starting our own internet banking platform.
In the UK and Europe, Cashaa will be offering its services in partnership with FCA regulated entities, which include CFS ZIPP and PaySafe Group. Cashaa service in the UK and Europe will commence from October itself and the USA operation will be fully functional from December. Its US Dollar services will be provided through a Colorado chartered trust which allows it to access the Federal Banking system. Trust is already having a master escrow account with the Federal Reserve Bank of Kansas City. The escrow deposits will be the direct liabilities of the Federal Reserve to the Trust. Therefore, the Federal Reserve system’s obligation to repay fully its liability to the Trust is the same as the Federal Reserve’s legal obligation to pay Federal reserve notes, I.E., U.S. paper currency. Cashaa has already onboarded a few big brands from multiple jurisdictions such as the UK, Europe, Singapore, HongKong, UAE, Caribbean and the USA to have a smooth onboarding process for global companies.
Kumar further added’ Our first priority is to move our existing business customer from partner platform to our crypto-friendly banking platform to give them the banking experience which they deserve. Our Internet banking platform will be powered using our utility token CAS. As our system is going into an operational state, CAS will become the key to the world’s first crypto-friendly financial institution.
From November Cashaa will also start issuing the personal account for the Cashaa community, which will create retail consumption for the CAS token. As the utility coin of the Cashaa platform, CAS has multiple utilities such as huge discounts on FX and transaction fees, cheaper international transfers, ability to spend it anywhere through debit cards, exclusive rewards, and crypto-friendly banking services.