Crypto banking platform 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 first crypto-friendly banking platform” that is regulated by the central bank, the Reserve Bank of India (RBI), Cashaa’s CEO has shared with news.Bitcoin.com.
Cashaa Unveils Expansion Plans
London-based crypto-friendly banking platform Cashaa has unveiled its expansion plans, having raised $5 million from Dubai-based blockchain investment and advisory firm O1ex. “As a part of its expansion plans, Cashaa is set to launch its global banking services,” the company announced Wednesday.
Cashaa CEO Kumar Gaurav told news.Bitcoin.com: “At the onset, we are looking at fast-maturing markets such as India, which has tremendous potential in terms of not only having a sturdy economic base but a healthy banking and financial ecosystem backed by technology. A market that has the potential of adding 100 million users within the next 2 years.”
He noted that in India Cashaa is “already the largest liquidity provider and offshore bankers for most of the major crypto exchanges,” elaborating:
We will soon launch our neobank that will enable crypto-friendly banking in India, regulated 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, adding that his company already provides GBP, EUR, and USD business accounts to customers. With the Indian expansion, INR business accounts will also be available.
India’s cryptocurrency market has been growing rapidly ever since the country’s supreme court quashed the RBI circular that banned financial institutions from providing services to crypto businesses. India currently does not have any direct crypto regulations, but there are rumors of the government discussing the bill submitted by the inter-ministerial committee headed by former Finance Secretary Subhash Chandra Garg, which seeks…