Cashaa India will allow Indian businesses and individuals to open a savings account with them and buy, store, and save cryptocurrencies. For lending, they will be adding crypto assets classed together with gold and real estate as collateral.
As those at Cashaa say, Indian banks are reluctant to provide banking services to the crypto users. Cashaa has provided B2B banking services to most Indian cryptocurrency companies. The launch of the online bank will allow the platform to extend its crypto and banking services to individuals as well.
Cashaa recently received clearance from regulators to operate as a crypto-friendly internet banking platform across the UK, Europe, and the US. The company aims to start operating the banking platform with support for the Euro, British pound and US dollar by December 2020.
The company would initially start providing its banking services to Indian cooperatives and will launch its full-fledged services in 2021. The company’s focus is on three key states in India, from where it plans to expand throughout the country.
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