{Crypto watch: Cashaa} A single bank account for fiat & crypto for individual & business banking

This crypto startup offers a single bank account for fiat and cryptocurrency, and the service is available for individuals and business banking.

While banking has always been a fast growing industry, certain industries, such as entertainment, gaming, and gambling, remain underserved and often prohibited from using traditional banking services. Cryptocurrency is one such industry as well.

Cashaa, a revolutionary system in the cryptocurrency banking space, can now provide individuals and businesses in these industries with a hassle-free banking platform. Its goal is to create a banking system where people and businesses can transact in both fiat and crypto from the one account dashboard.

The idea behind the brand is to bank the global crypto economy. The brand aims at providing the counterpart to the traditional banking system in an advanced manner on the blockchain backbone.

The brand offers a single bank account for fiat and cryptocurrency, and the service is available for individuals and business banking.

The Tech Panda spoke to Kumar Gaurav, CEO and Founder of Cashaa about the pain points they’re trying to solve.

Kumar Gaurav

One of the biggest challenges for crypto companies is to get a banking and payment infrastructure. Here, at Cashaa, we are trying to help these companies get access to the crucial banking solutions, in order to use their assets in a better and easier way

“One of the biggest challenges for crypto companies is to get a banking and payment infrastructure. Here, at Cashaa, we are trying to help these companies get access to the crucial banking solutions, in order to use their assets in a better and easier way,” he says.

What They Do

To understand what Cashaa does, consider how an individual uses a traditional bank. A person would go to a traditional bank, deposit INR, take credit against deposit or withdraw the amount.

With Cashaa, one would be able to avail all these banking services with crypto assets along with INR. The services are available for personal banking and business banking, both.

In simple terms, if you want to buy something but you do not have enough liquidity, you can put your crypto as a guarantee. Once the loan is paid, you will get back the same amount of crypto, regarding the price of the market

“Like any other bank, we can give you loans against your assets. In simple terms, if you want to buy something but you do not have enough liquidity, you can put your crypto as a guarantee. Once the loan is paid, you will get back the same amount of crypto, regarding the price of the market,” says Kumar.

Currently this feature is only for institutional clients with a minimum loan amount of US$500,000 per loan size.

Highlights of the services include the following:

A single international account to manage fiat and crypto both
Send and receive local and international payments and track your expenses over time
Globally accepted credit and debit cards
Withdraw funds directly in local currency
Buy and sell crypto with no hidden charges

Origin & Inspiration

Cashaa started in 2016 as a P2P cash transfer service from the UK to Asia and Africa, using Bitcoin and facing banking challenges.

“In 2017-2018 when more and more companies started to adopt Bitcoin and other cryptocurrencies, we decided to solve this issue for the entire crypto industry. That is how we started working on building a crypto-banking platform for old and new money,” Kumar reminisces.

The Cashaa USP

Currently, Cashaa claims to be the largest crypto-friendly banking platform, providing banking services for more than 430 crypto companies.

“We have successfully onboarded titans in this field like Binance, BitBns, CoinDCX, Paxful, Polygon, but also small startups,” Kumar says proudly.

Now that crypto is taxable in India, which makes it legal, we had a higher interest coming from customers, as fear is starting to dissipate in this industry

Being pioneers in the field is why competitors aren’t bothering Kumar either.

“We are the first company in the world who started doing this. This gives us a name in the industry and creates brand power. Our competitors are very few, as it is a hard-to-copy business model,” he adds.

Growth Story

Cashaa recently launched personal accounts, providing an interest of up to 24% on cryptocurrencies.

“Our personal accounts have been a success so far. We provided access to the personal users to use their assets in a more productive way, giving them the highest interest from the market. Personal users started moving their assets into their Cashaa wallet, where they are now getting high interest on their dormant assets,” Kumar says.

The company, in association with the United Multistate Credit Co. Operative Society launched UNICAS, a crypto-friendly financial institution with physical branches and operations. The company has already opened two in Connaught Place, New Delhi, and plans to open 22 more.

“Now that crypto is taxable in India, which makes it legal, we had a higher interest coming from customers, as fear is starting to dissipate in this industry,” he reveals.

Cashaa is currently banking on its beta platform over 200 crypto businesses, including Nexo, Huobi, CoinDCX and Unocoin.

Investments in crypto startups are huge in India right now. Kumar says investors are excited about the Indian market due to its size.

“This is a great market where very few players exist, and the talent pool is huge. Cashaa is also planning a venture fund of more than US$10 million dedicated to India,” he says.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard