Cashaa, the cryptocurrency bank, will begin operations in India in August, with the goal of assisting investors and exchanges in overcoming their existing banking issues.
Cashaa, a banking platform, has announced its entry in India in order to capture a piece of the rising cryptocurrency market share. Personal account services for the same will be available by mid-August, according to the company.
Kumar Gaurav, CEO and Founder, Cashaa says, “We will be coming to India next month. We will be launching personal bank accounts so that personal traders can do Peer to Peer trading. Cryptocurrency traders will be able to transact without fear of their bank accounts being frozen.”
Besides personal bank accounts, Cashaa will also provide debit cards, loans against cryptocurrencies, and loans for purchasing cryptocurrencies, according to Gaurav.
Operations are scheduled with plans for Maharashtra, Uttar Pradesh and West Bengal to start in New Delhi, Gujarat and Rajasthan.
Investors are now relaxed. Recently, Indian banks are not willing to tie-up with any cryptocurrency exchange and hence the crypto activity is stumbling in India due to various hurdles of depositing fiat into crypto wallet.
The United Multistate Credit Co. Operative Society is working in association with Cashaa. Currently more than 200 crypto companies, including Nexo, Huobi, CoinDCX and Unocoin, are banking on its beta platform.
It is also planning to open branches and three branches have opened up. The franchise model is also being developed for 100 branches.
Gaurav remarked that any other bank is going to follow all KYC standards.
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