Cashaa, a blockchain-based fintech, will launch operations in India from August. It will help investors and exchanges tide over the current banking problems. It will start operations in New Delhi, Gujarat and Rajasthan. They also have plans to expand in Maharashtra, Uttar Pradesh and West Bengal gradually.
“We will be coming to India next month. We will be launching personal bank accounts so that personal traders can do Peer to Peer trading. Cryptocurrency traders will be able to transact without fear of their bank accounts being frozen,” said Kumar Gaurav, CEO and founder, Cashaa.
Apart from personal bank accounts, it will also offer debit cards and loans against cryptocurrencies, Gaurav further said. Cashaa is already in discussion with domestic crypto exchanges and has plans to acquire five million customers.
The bank is working in association with The United Multistate Credit Co. Operative Society. It is presently banking on its beta platform over 200 crypto businesses including Nexo, Huobi, CoinDCX, and Unocoin.
Gaurav said all KYC norms will be followed as done by any other bank. It also plans to open physical branches and has already opened up three branches. It is also working on a franchise model to expand to 100 branches.
Indians Facing Troubles Over Crypto Investments
Cryptocurrencies investors are facing problems in banking transactions as major banks are not permitting such transactions. Banks continue to be wary of such transactions and say there is no perfect clear regulation for them to follow.
Many exchanges are looking forward to helping customers. These include using UPI or are looking at their own gateway solutions.
Recently, the circular by the Reserve Bank of India on May 31 asks regulated entities not to cite its April 2018 Circular. The circular on “Prohibition on dealing in Virtual Currencies” is no longer valid following the Supreme Court ruling.Last week, Indian Finance Minister, Nirmala Sitharaman said in an interview that the Cabinet bill on cryptocurrency is ready for the upcoming monsoon session. India is already growing in terms of crypto investments. It has shown a 19,900% rise in the crypto investment in the last year.
