Cashaa to launch crypto-friendly internet bank in India

The British fintech company Cashaa announced a solution that will give cryptocurrency holders in India full access to banking services. Cointelegraph reports this.

At present, the platform collaborates with large Indian companies. The launch of Cashaa India’s crypto-friendly internet bank will broaden its customer base to individuals.

Founder Kuman Gaurav said that with the service they will be able to open savings accounts, make cryptocurrency deposits, store and withdraw funds.

“For lending, we will add a class of crypto assets along with gold and real estate as collateral,” Gaurav said.

According to him, Cashaa India will start operating in 2021. In the first phase, the bank will focus on three key states, from which it will expand further.

Reports of plans by Indian authorities to ban cryptocurrency trading, Gaurav regards as speculation. He believes that regulatory requirements will not hinder the internet bank from serving users.

Cashaa operates the eponymous cryptocurrency exchange. In July its own token CAS fell almost 40% after news of the hacking of one of its Bitcoin wallets.

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