Copy link
Increase text size
Decrease text size
Link copied

Cashaa to cater U.S. crypto businesses; Account set-up fee is around $1,500

A U.K.-based financial firm will be catering crypto businesses operating in the U.S., with exception of states that have strict jurisdiction over the nascent industry.

Image via Cashaa Facebook Page

Tue, 19 Nov 2019, 04:09 am UTC

In the early days of crypto firms entering the mainstream scene, banks have steered clear away from them due to a number of perceived threats. Regulators and legislators have been scrutinizing these firms due to illicit activities committed by some operating within the crypto-verse.

However, that has changed over the years as some banks are now willing to cater to crypto businesses in an attempt to expand their own operations. The latest financial institution that has made progress in this endeavor is Cashaa, a U.K.-based banking service platform that will be serving crypto firms denominated in U.S. dollars, CoinDesk reported.

In an online post, Cashaa said that it is launching USD bank accounts for crypto businesses in partnership with Metropolitan Commercial Bank.

Cashaa chief product officer Archit Aggarwal said that accounts will be able to take advantage of clearinghouses and SWIFT Networks, further streamlining the operating of businesses under its umbrella. To open an account, crypto firms and other “high risk” companies are required to pay a fee of 250,000 CAS, the native cryptocurrency of Cashaa. At the time of writing, that translates to $1,468 as CAS is currently valued at $0.005874.

Cashaa expanding its reach

To ensure that the application process is running smoothly, Cashaa has put together a “pre-compliance” team. Aggarwal said that following the team’s creation, they’ve been seeing an increase in accounts being opened by interested parties.

"Since our pre-compliance team started working, our onboarding speed has doubled with our U.K.-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," said Aggarwal.

Crypto industry’s growth accelerating

As mentioned earlier, Cashaa numbers among the few financial institutions that are catering to crypto firms. Another company that’s been doing this for years is Silvergate, a bank that’s been working with more than 750 crypto firms and is considered one of the pioneers in this area. As this nascent market grows, it’s expected that more financial firms will be opening its doors to crypto businesses as there’s no denying the amount of money that’s flowing within this economy.

It has gotten so big that even politicians have taken notice, including Democratic 2020 presidential candidate Andrew Yang, Cointelegraph reported. One of Yang’s main goal is to provide a clear regulatory framework for the crypto industry, a promise that could define how the market will be handled in the future.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,669.67 (-0.28%)
  • Ethereum (ETH) $242.80 (-0.14%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $255.95 (-0.39%)
  • Bitcoin SV (BSV) $194.70 (-0.93%)
  • Bitcoin (BTC) $9,669.67 (-0.28%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft