London-based online banking platform Cashaa recently received full clearance to launch a crypto-friendly neobanking (internet banking) platform across the UK, Europe, and the USA. The company, which raised funds in September 2020, initially plans to start operating with support for the euro, the British pound and the U.S. dollar. The platform would allow all existing and new clients to avail the usual business and personal banking facilities entirely through the online mode.
With the objective to provide efficient banking services compatible with the gradual global digitalization, Cashaa has been working with a range of regulated entities since August, 2019 – some of the better known companies being Unocoin, CoinDCX and Nexo. Since then, it has incorporated the support of over 200 cryptocurrency platforms. To avoid any chances of malpractices or the failure to abide by the regulatory practices, Cashaa also decided to strengthen their KYC, AML, due diligence, and sanction check procedures before launching the internet banking platform.
Cashaa Neobanking Services Will Operate Across Europe & USA
Neobanking services in the UK and Europe will get off the ground in October itself, where Cashaa will be offering its services in partnership with FCA regulated entities – including CFS-ZIPP and the PaySafe Group. The USA wing of the operation is planned to commence in December; Cashaa’s US Dollar services will be provided through a Colorado-chartered trust company, which allows access to the Federal Banking system. Cashaa has also partnered with a few big brands from multiple administrative regions in Singapore, HongKong, the UAE and the Caribbean to provide smooth banking services to global companies.
“We are standing at a defining moment in history”
Kumar Gaurav, the founder and CEO of Cashaa, said this in an official statement to the media: “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 major global markets we are redefining the banking systems as we know them.”
Gaurav further explained, “Our first priority is to move our existing business customers from partner platforms to our crypto-friendly banking platform to give them the banking experience 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.”
Beginning in November 2020, Cashaa will also start issuing personal accounts for the existing Cashaa community, and thus create retail consumption for CAS. Among the many benefits CAS comes with are cheaper international transfers, the ability to spend it through debit cards, crypto-friendly banking, huge discounts on foreign transaction fees, and other exclusive rewards.