After all the requisite permissions, Cashaa has built its own internet banking platform to serve businesses worldwide and is very pleased to announce the launch of its crypto-friendly neo banking platform for the UK, Europe, and the USA.
It was not an easy feat, Mr Kumar Gaurav, Founder & CEO of Cashaa, revealed speaking to the media. “We are standing at a defining moment in the history of banking, and a milestone for Cashaa. 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 world major markets we are redefining the banking systems as we know them.”
Cashaa started providing banking services using partners platforms in August 2019. Regulators and banks used to judge companies based on the industry they are such as cryptocurrencies, gaming, gambling etc. To prove that not all the companies dealing in cryptocurrencies were involved in money laundering, Cashaa onboarded over 200 crypto companies in the last 12 months, through which it collected massive data for its regulators and banks. With a vision to create a better bank, Cashaa worked with multiple regulated entities over the years and was dependent on their banking platform capabilities. The launch will see our new and existing clients being offered business and personal banking facilities with all services being enabled through Cashaa’s proprietary internet banking platform.
In recent times we are seeing an increase in the number of traditional banks that are collapsing. In all of this, the average public is losing faith in the banking systems. Almost all top banks today, stand vindicated of ignoring regulatory and basic statutory practices. Apart from this, several big names in the crypto exchanges industry and players in the crypto space have come under the radar for malpractices. Hence, we took a conscious decision to tighten even more our KYC, AML, due diligence, and sanction check processes before starting our own internet banking platform.
In the UK and Europe, Cashaa will be offering its services in partnership with FCA regulated EMI, which include CFS-Zipp (Euro and GBP accounts) and PaySafe Group (Card processing). Cashaa’s service for businesses in the UK and Europe will commence on target in Q1 2021 and the USA operation will be fully functional In January 2021. Its US Dollar services will be provided through a Colorado chartered Trust which allows it to access the Federal Banking system. This Trust is already having a master escrow account with the Federal Reserve Bank of Kansas City and J P Morgan as a Correspondent Bank. The escrow deposits will be the direct liabilities of the Federal Reserve to the Trust. Therefore, the Federal Reserve system’s obligation to fully repay its liability to the Trust is the same as the Federal Reserve’s legal obligation to pay Federal reserve notes, I.E. and U.S. paper currency. There will be a smooth onboarding process for global companies since Cashaa has already onboarded a few big brands from multiple jurisdictions such as from the UK, Europe, Singapore, Hong Kong, UAE, Caribbean, and the USA. Among the hundreds of companies that have been onboarded during BETA includes Paxful, Nexo, CoinDCX, and Unocoin.
Kumar further added “Our first priority is to move our existing business customers from partner platforms to our proprietary crypto-friendly banking platform to give them the banking experience which 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.”
From November Cashaa will also start issuing personal accounts, which will create retail consumption for the CAS token. As the utility token of the Cashaa platform, CAS has multiple utilities such as huge discounts on FX and transaction fees, cheaper international transfers, ability to spend it anywhere through debit cards, exclusive rewards, and crypto-friendly banking services.
Watch the lastest Kumar (Cashaa CEO) AMA at https://youtu.be/FSsoFFyLH-Q