Crypto bank Cashaa plans to begin operations in India from next month. This is expected to aid exchanges and investors over the latest banking problems that they are encountering. Crypto exchanges said that they require a major bank to process large-scale dealings.
Founder and CEO of Cashaa, Kumar Gaurav said that they will be coming to India in August. They will be introducing personal bank accounts so that personal traders can perform Peer to Peer trading. Crypto traders will be able to deal without worrying about their bank accounts being frozen.
He continued that besides personal bank accounts, Cashaa will also facilitate loans and debit cards against crypto in addition to loans for purchasing crypto.
Operations will begin in New Delhi, Rajasthan and Gujarat with plans to expand to Uttar Pradesh, Maharashtra and West Bengal eventually.
Gaurav said that it is already in conversation with domestic crypto exchanges and has plans to win 5 million customers. He further said that all KYC rules and regulations will be followed as done by any other bank.
Cashaa is operating in association with The United Multistate Credit Co. Operative Society. It is as of now banking on its beta platform over 200 crypto businesses, including Nexo, Huobi, Unocoin and CoinDCX.
It also intends to inaugurate physical branches and has already started 3 branches. Furthermore, it is also working on a franchise model to expand to a hundred branches.