Home Knowledge base Announcements Cashaa raises $5 Million for global expansion

Initiating our global expansion plan, covering losses from Delhi OTC hack and applying for the highest certifications of CyberSecurity

1. We are proudly announcing the raise of USD 5 million from Dubai firm O1ex

2. Coming focus on expansion in India by being first neo bank to deal with crypto.

3. Funds are SAFU, we will cover the users’ loss from the Delhi OTC hack in July ‘20.

4. We are in the last stage of achieving certification for the highest global standards of CyberSecurity audits for our Banking platform, the PCI and SOC 2

We are excited to announce the raise of USD 5 Million from Dubai based O1ex, a blockchain investment and advisory firm, which is another milestone for us as the largest crypto-friendly neo-bank on a mission to change the banking industry. Previously, we had raised USD 33 Million during our token sale in 2017, of which we rejected USD 14.34 million due to the inability of token buyers to pass our KYC and AML standards.

Our expansion plan:

As a part of our expansion plans, we are all set to launch our neo-bank for India. Our goal is to pave the way for a crypto-friendly banking system for the country where services will be regulated under the Reserve Bank of India. 

With this, we are planning to tap into the growing crypto user base in India. Cryptocurrencies such as Bitcoin, Cashaa coin, Ethereum and Tether are already part of our banking system, like the US Dollar, Euro, Sterling Pound, and possibly Indian Rupee soon. More cryptocurrencies such as Ripple, Litecoin, Bitcoin Cash and EOS will be added in 2021. 

As we are handling huge amounts of AML and transactional data on cryptocurrency-related banking transactions, we can enable regulators to understand the industry better and help it develop a positive outlook towards the industry. A feat we are planning to repeat in India as well.

‘India has tremendous potential in its fintech sector. We believe that the next big evolution in the Banking and Crypto space can actually 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. Apart from India, we will also tap into the African and Caribbean market.’ – Kumar Gaurav, CEO & Founder

We will also be using part of the funds to patch the July 2020 Bitcoin hack that occurred at our Delhi OTC. Although the attack did not affect our operations directly, our leadership took it upon itself to resolve the issue and ensure the confidence of the users who lost their Bitcoins. The loss stands restored now and all funds are SAFU. During this process, a lot of global investors had approached us with investment proposals, but we accepted the one which enabled it to patch users’ losses and enabled our ambitious growth in India as a neo-bank.  The hack had not impacted our operations, which had remained secure as the attack was on personal systems and was termed as a one-off case.

Furthermore, our prime objective is to ensure that our users always felt secure and hence we immediately used our expansion fund to cover the loss in India. By doing this, we not only set an example to the crypto industry but also became the second company after Binance which did not pass the loss of a Bitcoin hack to its users. Binance too had introduced SAFU, which they have used in the past to cover the loss due to the hack of 40 Million USD. This decision to rescue our users has not only helped us gain interest and confidence from fund managers and VCs but also has made the industry sit up and take notice of our commitment to keeping users’ interest at the core.

Our growth story

In the recent past, despite multiple regulatory challenges, we managed to onboard hundreds of crypto brands, enabling them to run their operations. Also, the last quarter’s onboarding rate grew to 83.16% for crypto businesses from its initial 17.5% in 2019. 

We are now overlooking massive amounts of transactional data coming from crypto companies that enable us to build an AI for transaction monitoring for AML. This has given the regulators comfort to allow us to build our own banking system. Also, this data has given us a huge competitive advantage compared to any bank/financial institution which intended to bank crypto businesses. 

Our achievements:

  1. More than 1500+ crypto companies from all over the world are waiting to be onboarded. 
  2. More than 100+ crypto companies are already using the BETA version which includes brands like Nexo, Paxful, CoinDCX, Unocoin etc.
  3. We are now at the last stage for approval on our banking platform, the final version launch will be done in phases starting from October and completely rolled out by Dec 2020.   
  4. A huge amount of AML and transactional data has been collected in the last 12 months with patterns from multiple businesses such as crypto exchanges, ICOs, STOs, IEOs, wallets, Lending, DeFi, gaming and gambling businesses, etc.
  5. Our team has gained on-ground experience in running banking operations for high-risk businesses. 
  6. Cashaa has been profitable since March 2020, even before releasing our final product. 
  7. We got multiple awards and recognitions like Top 50 Emerging Fintech Business by KPMG, Top 3 Finalist of BBVA Open Talent for “Fintech for People”, awarded Technology Provider of the Year for SME in 2018 and many more. 
  8. Built a strong utility for CAS token which is officially listed on Binance DEX.


For further information on us please visit: www.cashaa.com

Media Contact:

Arnab: arnab@cashaa.com

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