Crypto-friendly banking service platform Cashaa is announcing the launch of US Dollar bank accounts for crypto businesses in partnership with Metropolitan Commercial Bank. Starting from 25th November, cryptocurrencies and other high-risk businesses can apply for US Dollar accounts with full banking features from anywhere in the world, except for sanctioned countries, through Cashaa.
“As our world is changing, new types of businesses are evolving. Traditional banks currently underserve crypto-related businesses. Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models. The addition of US Dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.” Janina Lowisz, Co-Founder and VP Marketing
With over 800 crypto businesses signed up since its beta launch in May 2019, Cashaa has had a busy few months finding a speedy way to onboard genuine businesses. Cashaa’s existing banking services include UK current accounts with a limit of 1 billion GBP with Mastercard through FCA regulated entities.
To increase the onboarding speed and decrease the rejection of accounts, the startup has formed a pre-compliance team in September soon after Barclays announced that it is no longer banking Coinbase.
“Our automated process and ability to understand crypto businesses have made us a leader in the European crypto banking space. Our products are designed for startups as well as unicorns in the crypto industry, who are our customers. Since our pre-compliance team started working, our onboarding speed has doubled with our UK regulated partner entities. Partnering with a US bank will help us expand our services to the USA as well as provide our existing customers more opportunities.” –Archit Aggarwal, Chief Product Officer
Mr. Aggarwal added that all Cashaa’s US accounts would be domiciled in the United States and have full access to ACH and SWIFT without any limits with a one-time setup fee of 250,000 CAS. Furthermore, customers will get the advantage of priority onboarding, lower transaction fees, higher limits, risk coverage, and dedicated customer support to smoothen their banking experience.
Cashaa customers will now be able to enjoy the market opportunities and security of UK and US banking under one product. As the company already has hundreds of US-based businesses signed up, being able to onboard these will establish Cashaa as one of the pioneers in crypto-friendly banking worldwide.
While banking accounts are Cashaa’s core offer, which solves the massive problem of underbanked businesses. Cashaa also offers a non-custodial crypto wallet with fiat to crypto exchange function, so far for BTC, ETH, BNB as well as its own token CAS. Most recently, Cashaa has announced the support of Indian Rupee payments, enabling crypto enthusiasts in India to buy and sell supported crypto using INR up to 10 Million INR per month.