Victor Ugochukwu · Dec 14, 2020 . 5min read
Crypto Banking Platform Cashaa Plans to Expand in U.S, India and Africa, Raises $5M from O1ex
London based Cashaa intends to pave the way for crypto-friendly banking in US, India and Africa by introducing Neo Bank, raises $5M funding.
By Komal Joshi · Sep 6, 2020 . 7min read
Cashaa, a london-based crypto-friendly banking platform has raised $5 million from the Dubai-based blockchain investment and advisory firm, O1ex. The former will utilize the funding for its development plans in India, the US, Africa, and Caribbean countries by launching neo banks. Moreover, it will pave the way for crypto-friendly banking in the markets. In India, the company strives to develop the first crypto-friendly banking platform regulated by the central bank, the Reserve Bank of India (RBI).
In India, Cashaa is already the most extensive liquidity provider and offshore banker for most prominent crypto exchanges. Cashaa intends to use the newly acquired funds to develop a crypto-friendly Neo bank in India. It also aims to achieve certification for the highest global standards of CyberSecurity for its Banking platform. Additionally, it also plans to cover the loss of funds in the Delhi based OTC hack. The hack took place in July 2020. Although the attack did not directly affect Cashaa’s operation, the leadership took it upon itself to resolve the issue and ensure the users’ confidence who lost their Bitcoins.
“India has tremendous potential in its fintech sector. We believe that the next big evolution in the banking and crypto space can happen from India. Hence, we have been actively working on developing products, working on our infrastructure and recruitments to power our entry into the Indian market”said Kumar Gaurav, Chief Executive Officer, and Founder, Cashaa.
Cashaa will also concentrate on the U.S. next year. Besides India and the U.S., Gaurav elucidates that it intends to expand in Africa and the Caribbean islands. Most African nations suffer political instability, and many people have lost faith in their local currencies. Thus, Cashaa will explore Africa and the Caribbean Islands in 2021.
Cashaa to Include Indian Rupee to its Cryptocurrencies With Neo Bank
Cashaa recently has cryptocurrencies like Bitcoin, Cashaa coin, Ethereum, and Tether as part of its banking systems like the U.S. Dollar, Euro, and Sterling Pound. It endeavours to add the Indian rupee to the crypto-friendly Neo Bank. India’s cryptocurrency market has been increasing ever since its supreme court quashed the RBI circular that forbade financial institutions from rendering services to crypto businesses. However, India recently does not have any direct crypto regulations.
Apart from cryptocurrencies, India is also expanding in the DeFi and Blockchain ecosystem. Earlier, Binance declared the launch of “Build for Bharat,” a new hackathon and accelerator program. It intends to promote the DeFi and blockchain ecosystem in India. Build for the Bharat hackathon is a dual-fold program, designed to bridge the gap between mass adoption and blockchain.
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