Close on the heels of launching a banking solution for Indian cryptocurrency owners who are currently facing a ban on buying crypto in the country, the London-based Bitcoin banking services platform Cashaa has launched a banking solution for USD bank accounts, for businesses transacting in cryptocurrencies.
Come November 25, businesses and cryptocurrency dealers in the US would be able to apply for USD accounts which would boast of all banking features and can be accessed through the Cashaa platform globally, except customers that are operating in countries that have been sanctioned by the US.
The new launch will be yet another feather in the cap of Cashaa as the new service will prove to be a boon for the under-served crypto-related business sector, as traditional banks do not service them mainly because of regulatory uncertainty and also because of the volatile nature of crypto assets.
For the new service, the USD account holders have to pay an initial fee of 250,000 CAS, Cashaa’s native token for global crypto-friendly banking services. For this new service, Cashaa has partnered with the New York-based Metropolitan Commercial Bank. Just like with Cashaa’s UK accounts, the USD account holders would also have access to Multisig wallets and exchange functionality for Bitcoin purchases.
Founded in June 2016, Cashaa currently offers personal and business accounts. Its services allow users to purchase cryptocurrencies using credit or debit cards, deposit funds via bank transfer in over 200 countries, and withdraw funds in users’ local currencies. The Bitcoin banking giant now enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees.
It may be recalled that on October 23, Cashaa had offered a banking solution for Indian cryptocurrency owners, who can now buy Bitcoin, ETH and Cashaa’s CAS with the Indian Rupee. The new service will allow users to deposit up to 10 million Indian rupees per month to purchase cryptocurrencies. However, BCH will also be added by this Christmas.