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.
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.
- "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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.