UK blockchain banking company Cashaa has expanded its internet banking platform to serve companies worldwide with a focus on the UK, Europe and US markets.
The company says the onboarding process is going smoothly for global companies as Cashaa already onboarded some big brands from different countries like the UK, Europe, Singapore, Hong Kong, the United Arab Emirates, the Caribbean and the US during the BETA phase . The hundreds of companies already on board include Paxful, Nexo, CoinDCX, and Unocoin.
Mr. Kumar Gaurav, Founder and CEO of Cashaa said it was not an easy task.
“We are at a crucial moment in the history of banking and are a milestone for Cashaa. Bringing services from several countries under one platform was not an easy task. We had to go through several iterations and legal structures to finally achieve this. With the launch of the platform in the world’s major markets, we are redefining banking systems as we know them. “
Cashaa is not new to the blockchain sector. The company has been offering banking services through partner platforms since August 2019, when regulators and banks often misjudged the sector and believed that only gray areas such as gambling and gambling fueled suspicion.
“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 they deserve. Our internet banking platform is operated with our utility token CAS. As our system goes into an operational state, CAS becomes the key to the world’s first crypto-friendly financial institution. “
To prove that not all cryptocurrency-related companies have been involved in money laundering, Cashaa has brought on board over 200 crypto companies in the past 12 months, which has been collecting massive data for its regulators and banks.
Cashaa worked with several regulated companies over the years and was dependent on their banking platform capabilities. Both new and existing customers are now offered commercial and private banking facilities, with all services being made possible through Cashaa’s proprietary internet banking platform without the need for third-party services.
In the UK and Europe, Cashaa will offer its services in partnership with FCA regulated EMI, which includes CFS-Zipp and PaySafe Group.
Cashaa’s service to businesses in the UK and Europe itself is scheduled to begin in October and operations in the US will be fully operational in December.
The US dollar services are provided through a Colorado chartered trust that provides access to the federal banking system. This trust already has an escrow account with the Federal Reserve Bank of Kansas City and JP Morgan as its correspondent bank.
The trust deposits are the Federal Reserve’s direct liabilities to the trust. Therefore, the Federal Reserve System’s obligation to repay its liability to the Trust in full is consistent with the legal obligation to pay the Federal Reserve, Federal Reserve Notes, IE and US paper currency.
Starting in November, Cashaa will also issue personal accounts that will increase retail consumption for the CAS token. As a utility token for the Cashaa platform, CAS offers numerous utilities, such as B. huge discounts on FX and transaction fees, cheaper international transfers, the ability to spend these via debit cards, exclusive rewards and crypto-friendly banking services anywhere.
The new bank is released at the right time as the global pandemic is affecting big banking and the public is losing confidence in traditional institutions.
It is common knowledge that almost all major stationary banks have been fined for ignoring basic regulatory and legal practices.
Cashaa has implemented a thorough and comprehensive due diligence with detailed requirements for Know Your Customer (KYC) and Anti-Money Laundering (AML) for all customers.