Crypto Banking Firm Cashaa Eyes India Expansion After $5M Raise

The crypto-friendly banking firm raised $5 million from Dubai-based blockchain investment and advisory firm 01ex.

AccessTimeIconSep 2, 2020 at 10:50 a.m. UTC
Updated Sep 14, 2021 at 9:51 a.m. UTC

Cashaa, a financial firm describing itself as a "crypto-friendly neo-bank," has just raised $5 million from Dubai-based blockchain investment and advisory firm 01ex.

  • Announced Wednesday, the London, U.K.-based firm said it will soon launch in India and possibly add the rupee to its list of supported currencies alongside the U.S. dollar, the euro and pounds sterling.
  • It also offers services for bitcoin, ether, the stablecoin tether and its own Cashaa coin, with more digital assets like XRP and litecoin eyed for addition going forward.
  • "India has tremendous potential in its fintech sector. We believe that the next big evolution in the banking and crypto space can actually happen from India," said Kumar Gaurav, Cashaa CEO and founder.
  • Also in the cards is a move into the African and Caribbean markets, the firm said.
  • The new investment will, in part, go toward covering the losses from a hack of its Delhi-based over-the-counter (OTC) operation in July of this year.
  • The hack saw $3 million stolen, the firm said, adding that users who lost bitcoin in the breach have already been reimbursed from Cashaa's own funds.
  • Cashaa's general operations were not affected by the attack, which affected only "personal systems," per the announcement.
  • The company previously raised $33 million through a token sale in 2017.
  • Cashaa provides banking services to cryptocurrency firms, and says it now has over 100 companies using its beta service.

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