UK-based cryptocurrency company Cashaa is set to introduce a new crypto wallet across seven markets, including India. The initial launch will see the wallet become available in six additional markets outside of Europe. This wallet will enable users to purchase, store, earn from, and secure loans against their cryptocurrency holdings, utilizing their local currencies, according to a statement from the company.
Scheduled for release in June 2024, the wallet will be available in Europe, India, Turkey, the UAE, Indonesia, Kenya, and South Africa.
The introduction of this wallet is part of Cashaa’s strategy to boost the usage of its native token, CAS.
Cashaa also revealed that it has launched a Beta version of the wallet, which has undergone testing by over 3,000 users in the past six months. This test group includes existing business clients such as cryptocurrency exchanges, blockchain development firms, and other wallet services that are currently using its yield and lending features.
Kumar Gaurav, the founder of Cashaa, commented on the development, saying, “We believe the year 2024 is the year of mainstream adoption of crypto with the likes of BlackRock and many trillion-dollar institutions entering the space, especially post Bitcoin ETF approvals by the SEC. This will bring billions of new users who had never considered crypto as an asset class. Cashaa will now focus on providing the same trust, commitment, and security to these new users who are getting ready to come into the crypto space.”
In addition, Cashaa announced the discontinuation of its banking services for cryptocurrencies and other “high-risk businesses.” The company will cease to offer US Dollar and Euro IBAN business banking accounts.
It was noted that Cashaa ceased accepting new business banking customers earlier this year and will shut down all related banking operations by May 30, 2024.
Founded in 2016 as a neobank, Cashaa not only operates a cryptocurrency exchange but also offers various other cryptocurrency-focused financial services.
