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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.
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