Cashaa to Launch Crypto Wallet in 7 Markets and Shut Down Business Banking Division Cashaa is looking to launch an all-in-one wallet to enable users to buy, store, spend, earn, and take loans on cryptocurrencies
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UK-based neo-banking startup, Cashaa, announced it would be making a strategic shift in its business model. It would be shutting down its banking services for crypto and other high-risk businesses, while releasing a new wallet in seven markets, including India.
It will no longer allow users to open new US Dollar or Euro IBAN business banking accounts. Notably, it stopped signing up new businesses for its banking services earlier this year.
The company said all operations related to the US Dollar and Euro IBAN business banking accounts will be fully phased out by May 30, 2024.
Entering markets with crypto wallet
Cashaa is looking to launch an all-in-one wallet to enable users to buy, store, spend, earn, and take loans on cryptocurrencies.
"We believe the year 2024 is the year of mainstream adoption of crypto with the likes of Black Rock and many trillion-dollar institutions entering the space, especially post Bitcoin ETF approvals by the SEC," said Kumar Gaurav, founder, Cashaa in a press release.
The startup released a beta wallet which has been tested by over 3,000 users in the last six months.
In the first phase, its wallet will be released in six new markets outside of Europe. The new markets will include India, Turkey, UAE, Indonesia, Kenya, and South Africa.
The service is set to go live in May 2024.
