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UK-Based Cashaa Set to Introduce Crypto Wallet in Seven Markets, Including India

SUMMARY:

  1. Cashaa announced that its upcoming crypto wallet will enable users to buy, store, earn, and take loans against their cryptocurrency deposits in their respective local currencies.
  2. The company has also declared that it will cease its banking services for crypto and other “high-risk businesses.”
  3. In 2022, Cashaa exited from Unicas in India, a joint venture established with United Multistate Co-op Society.

UK-based cryptocurrency firm Cashaa is gearing up to launch a new crypto wallet across seven markets, including India.

In its initial phase, Cashaa’s multifunctional wallet will be introduced in six markets outside Europe. The wallet enables users to buy, store, earn, and secure loans against their cryptocurrency holdings in their respective local currencies, according to the company’s announcement.

Scheduled for release in June 2024, the wallet will be available in Europe, India, Turkey, the UAE, Indonesia, Kenya, and South Africa.

The introduction of this wallet aims to bolster the adoption of Cashaa’s native token, CAS.

Cashaa has already launched a Beta version of the wallet, which has undergone testing by over 3,000 users in the past six months. The company noted that its existing business clients, including cryptocurrency exchanges, blockchain development firms, and other wallet services, are actively utilizing its yield and lending options as part of this Beta testing.

Kumar Gaurav, the founder of Cashaa, commented on the initiative, saying, โ€œWe believe the year 2024 is the year of mainstream adoption of crypto with the likes of BlackRock 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.โ€

Additionally, Cashaa announced that it is phasing out its banking services for cryptocurrencies and other โ€œhigh-risk businessesโ€. The company will cease providing US Dollar and Euro IBAN business banking accounts.

Earlier this year, Cashaa stopped accepting new business banking clients, and it plans to fully terminate all operations related to banking services by May 30, 2024.

Established in 2016 as a neobank, Cashaa operates a cryptocurrency exchange and offers various other crypto-focused financial services.

In 2022, Cashaa withdrew from Unicas, a joint venture in India with United Multistate Co-op Society. Following the exit, Unicas’ management took over the shares previously controlled by Cashaa representatives.

At the time of the exit, Gaurav indicated that the company intended to launch the Cashaa wallet in India, noting that Unicas did not fit strategically into its broader expansion plans within the country.

Despite regulatory challenges, including a 30% tax on sales, a 1% TDS on transactions over INR 10,000, and the Reserve Bank of India’s cautious stance towards cryptocurrency, the demand for crypto in India has spiked. Since February, trading volumes on major exchanges have surged by 150-250%.