Cashaa, a crypto financial institution and alternate app, as we speak introduced that it has raised USD 5 million from Dubai based mostly O1ex, a blockchain funding and advisory agency. Cashaa is a crypto-friendly financial institution app based mostly in London. Beforehand, Cashaa had raised USD 33 million in the course of the token sale in 2017.
As part of its growth plans, Cashaa is all set to launch its app for India. With this, it hopes to pave the best way for a crypto-friendly banking system for the nation the place companies shall be regulated underneath the Reserve Financial institution of India.
With this, Cashaa plans to faucet into the rising crypto person base in India. At Cashaa, cryptocurrencies similar to Bitcoin, Cashaa coin, Ethereum, and Tether are a part of its banking system just like the US Greenback, Euro, Sterling Pound, and probably Indian Rupee quickly. Extra cryptocurrencies similar to Ripple, Litecoin, Bitcoin Money, and EOS shall be added in 2021.
As Cashaa is dealing with large quantities of AML and transactional knowledge on crypto-currencies associated to banking transactions, it will probably allow regulators to know the trade higher and assist it develop a optimistic outlook in direction of the trade. A feat, Cashaa initiatives to repeat in India as properly.
Talking on the event, Kumar Gaurav, CEO & Founder, Cashaa stated, “India has great potential in its fintech sector. We imagine that the following huge evolution within the Banking and Crypto area can truly occur from India. Therefore, we now have been actively engaged on growing merchandise, engaged on our infrastructure, and recruitments to energy our entry into the Indian market. Aside from India, we will even faucet into the African and Caribbean market.’
Cashaa will even be utilizing a part of the funds to patch the July 2020 Bitcoin hack that occurred at its Delhi OTC. Although the assault didn’t have an effect on Cashaa’s operation immediately, but the management took it upon itself to resolve the difficulty and make sure the confidence of the customers who misplaced their Bitcoins. The loss stands restored now and all funds are SAFU. Throughout this course of, numerous world buyers had approached Cashaa with funding proposals, however Cashaa ultimately accepted the one which enabled it to patch its customers’ loss and enabled it to focus on its development in India. It is usually essential to spotlight that in the course of the July hack, Cashaa responded swiftly to the incident, reported the matter to the competent authority, and was frequently working with authorities and people affected. Cashaa has additionally reiterated that the hack had not impacted Cashaa’s operation, which had remained secured because the assault was on private programs and was termed as a “one-off case.”
Kumar additional added, “Cashaa’s prime goal is to make sure that its customers all the time felt secured and therefore we instantly used our growth fund to cowl the loss in India. By doing this Cashaa not solely set an instance to the crypto trade. By doing so, Cashaa additionally turned the second firm that didn’t move the lack of a Bitcoin hack to its customers. Binance too had launched SAFU, which they’ve used previously to cowl the loss as a result of hack through which Binance misplaced 40 Million USD, however not one of the customers obtained any haircut. This choice to rescue our customers has not solely helped us acquire curiosity and confidence from the fund managers and VCs but additionally has made the trade sit up and take discover about our dedication to preserving customers’ curiosity on the core.”
Cashaa’s development story
Within the latest previous, regardless of a number of regulatory challenges, Cashaa has managed to onboard lots of of crypto manufacturers, enabling them to run their operations. Additionally, the businesses final quarter’s onboarding charge grew to 83.16% for crypto companies from its preliminary 17.5% in 2019.
Cashaa is now overlooking huge quantities of transactional knowledge coming from crypto corporations that allows them to construct an AI for transaction monitoring for AML. This has given the regulators consolation to permit Cashaa to construct its personal banking system. Additionally, this knowledge has given us an enormous aggressive benefit in comparison with any financial institution/monetary establishment which meant to financial institution the crypto enterprise.