Cashaa, an online banking firm based in London is expanding its banking services to India as it has revealed its plans to roll out a bank in India. Known as Cashaa India, this neo bank, or in other words internet bank will be cryptocurrency-friendly and will provide banking services to users of digital currency residing in the country of India.
Need for a Cryptocurrency-friendly neo bank in India
The Founder of Cashaa Kuman Gaurav said in a statement that there is a need for a bank in India that can cope up with digital currency users and provide banking services to them. While elaborating his point of view further, he said that the majority of banks in India feel hesitant in providing banking services to the users of cryptocurrency. He claimed that as a registered bank, Cashaa India will provide banking services to digital currency users while offering them the service of withdrawals and deposits.
Cashaa India will provide users as well as Indian crypto-related businesses to store their digital currencies by opening a savings account with the bank. Through these savings accounts they can store, save, or buy digital assets. While talking about the lending services, the bank said that they plan to add “crypto assets class together with gold and real estate as collateral.”
Expanding banking services in India
The British fin-tech Cashaa has been providing its Business-to-Business (B2B) services to top digital currency firms in India. However, it is now looking forward to letting Indian cryptocurrency users access its banking services as well.
According to Gaurav, the banking firm has not rolled out its complete suite of services now which will be launched next year. Currently, in the beginning, the banking services of Cashaa India will be available to Indian cooperatives. The main mission of the London-based banking firm is to widen its banking services throughout the country of India.
Cashaa is also expanding its banking services in the United Kingdom, the United States, and Europe as well. The company has recently got regulatory approval for running a cryptocurrency-friendly banking platform across these countries.