UK Blockchain Banking company Cashaa has expanded its internet banking platform to serve businesses globally with a focus on the UK, Europe, and USA markets.
The company says onboarding process for global companies is smooth 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 during the BETA phase. Among the hundreds of companies that have already been onboarded include Paxful, Nexo, CoinDCX, and Unocoin.
Mr Kumar Gaurav, Founder & CEO of Cashaa, revealed it was no easy feat.
“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 is not new in the blockchain sector, it started providing banking services using partners platforms in August 2019 when regulators and banks commonly misjudged the sector believing it was only grey areas such as gaming and gambling that fueled distrust.
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.”
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.
Cashaa worked with multiple regulated entities over the years and was dependent on their banking platform capabilities but now both new and existing clients are offered business and personal banking facilities with all services being enabled through Cashaa’s proprietary internet banking platform, without relying on third-party services.
In the UK and Europe, Cashaa will be offering its services in partnership with FCA regulated EMI, which include CFS-Zipp and PaySafe Group.
Cashaa’s service for businesses in the UK and Europe will commence on target in October itself and the USA operation will be fully functional In December.
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.
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.
The release of the new bank is timely, as the global pandemic is beginning to effect big banking and the public is losing faith in traditional institutions.
It’s commonly known that nearly all mainstream brick and mortar banks have been fined for ignoring basic regulator and statutory practices.
Cashaa has implemented thorough and comprehensive due diligence with a detailed Know Your Customer (KYC) and Anti-Money Laundering (AML) requirement for all clients.