On a mission to change business banking for next-gen businesses - interview with Cashaa

Friday 28 August 2020 12:16 CET | Editor: Mirela Ciobanu | Interview

The Paypers sat with Janina Lowisz, Co-Founder & VP Corporate Services, Cashaa to learn what next-generation crypto friendly banking services mean

You mention on your official website - ‘Join the biggest community of crypto business who left their ordinary banking to join our next generation crypto friendly banking services’ – please tell us more about these crypto friendly banking services? What is Cashaa for those who do not know it yet?

Cashaa is the largest crypto-friendly neo-bank, based in London. We are on a mission to change business banking for next-gen businesses.

We are focused on providing banking services to crypto businesses as they are underbanked and in need of immediate assistance. We are already providing services to hundreds of businesses in the crypto industry. Thanks to our partners such as PaySafe Group and financial institutions regulated by the FCA, Central Bank of Lithuania and Federal Reserve who trusted us to onboard our customers while we are building our own system.

Our existing services include:

Also see our introductory video here.

We started onboarding our first customers in August 2019 for the UK current account, just when Barclays cancelled Coinbase’s UK bank account. We kept working hard to onboard as many companies as we could to have enough data to prove to our regulators why we were the right team to do it.

In the last 11 months, we had hundreds of crypto brands using us to run their banking operations, while serving more than 250,000 individuals worldwide through 200 corporate customers. Our recent quarter’s onboarding ratio grew to 83.16%. Having meanwhile gathered a massive amount of transactional data that enables us to validate our point, indeed gave the regulators comfort to allow us to build our own system. Also, this data has given us a huge competitive advantage when compared to any bank or startup which intends to launch a crypto-friendly banking service in the future, some of which have totally blocked crypto-related transactions after the regulatory crackdown.

Focusing on personal accounts - how do you differentiate from other crypto providers that are serving crypto enthusiasts?

We are a banking platform where crypto is a part of our system like Sterling Pound, Dollar and Euro. We believe crypto is an evolution of money, and as a next generation neo bank we are committed to treat it like that. In a normal circumstance, most businesses have the option of choosing between a traditional bank and an alternative neo banks. But both of them are not capable of handling crypto related transactions and compliance.

Our focus right from our inception has been on compliance and developing technical infrastructure which is required by the emerging business. Due to our huge amount of transactional data on cryptocurrencies and national currencies, we can now enable governments to understand things better and develop a positive outlook towards the industry. It will enable regulators to stop frauds or system compromise by following our compliance policies.

We do not offer personal banking yet, but it is on our roadmap for the next quarter.

Regarding business accounts - Who exactly are the customers that you target with your business account offerings?

We want to build a financial institution that understands the needs of the current generation and those to come. Currently most of our customers are crypto businesses because the crypto industry is one of those emerging industries that are underbanked by banks. But like any other financial institution any emerging industry such as gaming, gambling, ecommerce can use us as their go to banking partner.

What needs are underserved in this segment and how do you differentiate from other blockchain/crypto companies that are serving the SME market?

High street banks do not like crypto companies, while we are crypto-friendly and committed to providing services to crypto businesses. Technically, traditional banks have no interest in listening to the problems of our industry, as they tend to perceive us as a challenger to the existence of such institutions. Despite our best intentions, this will keep happening and there is no respite from this attitude.

However, at Cashaa, we want to help the users, entrepreneurs, and businesses with innovative business solutions and provide them with all banking tools they need in order to create more opportunities and shape a better world.

Please tell us more about CAS, or Cashaa coin is a cryptocurrency created by Cashaa (what are its use cases for business accounts and for personal accounts)?

CAS is our utility token, and we have done our best to involve it since day 1 of our operations. CAS is the key for the world’s first financial institution with crypto-friendly banking services, where our users’ funds are protected by the world’s most advanced and strict regulators like the FCA, Bank of England and Federal Reserve.

The current live utility of CAS

  • Enhanced due diligence fees of 100,000 CAS for business accounts
  • Discount on exchange fees through our wallet

    Future, additional utility of CAS

  • Discount on all banking transactions
  • Cheaper international transfers
  • Discount on exchange fees of fiat and cryptocurrencies

Any plans to extend to other regions/countries?

We want to help entrepreneurs, and businesses with innovative solutions and facilitating them with all the banking services they need to create more opportunities and shape a better world.

In 2021 we are expanding to the US and India. We already started issuing USD accounts regulated by the Banking Division of Colorado, to our existing business clients as BETA users. Crypto brands who already started to use our USD accounts are Nexo, CoinDCX, Unocoin etc.

In India we are already the largest liquidity provider and offshore bankers of most of the major crypto exchanges and will soon launch a neobank to start crypto-friendly banking in India regulated under the Reserve Bank of India.

If you are interested in any of our products and services, you can schedule a call here to get started:

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Keywords: Janina Lowisz, Cashaa, cryptocurrency, crypto payments, banking, fintech, bank account, online payment processor, FCA, Bank of England, IBAN, euro, Bitcoin
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech