Cashaa, a prominent neo-bank for crypto businesses, has announced a strategic shift in its business model, marking the discontinuation of banking services for crypto and other high-risk businesses. Cashaa will no longer provide services such as US Dollar and Euro IBAN business banking accounts. They had stopped taking new business customers for banking services earlier this year and all operations related to providing the aforementioned banking services will cease on 30th May 2024. Business customers using the Cashaa wallet for earning yield and lending services will have no impact.
The company is working on introducing an all-in-one wallet that will enable users to buy, store, spend, earn, and take loans on crypto- all geared towards increasing the adoption of the Cashaa native token called CAS. Cashaa has already released a Beta wallet which has been tested by more than 3,000 users in the last 6 months. Existing business customers such as crypto exchanges, blockchain development companies, and other wallet providers are also part of this Beta test group, using its yield and lending services. Cashaa is aiming to provide the same trust and security that it has given to hundreds of crypto companies till now, to millions of retail users. In the first phase, Cashaa’s upcoming all-in-one wallet is going to be released in six new markets outside of Europe, giving users outside of Europe to buy, sell, earn, and borrow crypto in their local currencies. The release will be done in Europe (EUR), India (INR), Turkey (TRY), United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and South Africa (ZAR) in June 2024.
“Cashaa is one of the most trusted financial institutions which has facilitated the movement of millions of dollars for crypto businesses without facing any security breaches, regulatory sanctions, or fines since the last 8 years. Our track record underscores our commitment to security, reliability, and regulatory compliance. We believe the year 2024 is the year of mainstream adoption of crypto with the likes of Black Rock and many trillion-dollar institutions entering the space, especially post Bitcoin ETF approvals by the SEC. This will bring billions of new users who had never considered crypto as an asset class. Cashaa will now focus on providing the same trust, commitment, and security to these new users who are getting ready to come into the crypto space.” said, Kumar Gaurav, Founder.
Cashaa is a perfect example of Real-world assets (RWA) in the Blockchain world that has survived for over 8 years, solely based on its product proposition and consistent revenue streams. All future Cashaa products will be designed to benefit the CAS token. To show its commitment to CAS, in the past few months, Cashaa has acquired 100 Million CAS tokens from the market for the expansion of the CAS ecosystem, signaling its unwavering support for CAS ecosystem expansion.
To lead the new era of Cashaa and its transition from business banking to crypto banking Mr. Amjad Raza Khan, co-founder and architect of Cashaa wallet has been appointed as the new CEO.
“After careful evaluation of our historical strength and long-standing trust that we have given to the industry, we have decided to make multiple strategic changes in the company to make Cashaa a well-known brand among millions of users expected to come into the crypto space during the next bull market. We are completing our regulatory, product, and corporate restructuring towards the growth of the CAS token and its ecosystem.” said, Amjad Raza Khan, Co-founder & CEO.
