UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

UK-based crypto firm Cashaa is planning to launch a new crypto wallet in seven markets, including India.

In the first phase, Cashaa’s upcoming all-in-one wallet will be released in six new markets outside of Europe. The wallet will allow users to buy, store, earn, and take loans against their cryptocurrency deposits in their local currencies, the company said in a statement.

The wallet will be released in Europe, India, Turkey, the UAE, Indonesia, Kenya, and South Africa in June 2024.

The company said that the move is geared towards increasing the adoption of its native token, CAS.

Cashaa said it has already released a Beta wallet which has been tested by more than 3,000 users in the last six months, adding that existing business customers such as crypto exchanges, blockchain development companies, and other wallet providers are part of this Beta test group and are using its yield and lending services.

Commenting on the development, Cashaa founder Kumar Gaurav said, “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.”

Meanwhile, the company said it is discontinuing its banking services for crypto and other “high-risk businesses”. Cashaa will no longer provide services such as US Dollar and Euro IBAN business banking accounts.

The company said it stopped taking new business customers for banking services earlier this year and all operations related to the banking services will cease May 30, 2024.

Founded in 2016 as a neobank, Cashaa operates a crypto exchange and provides other crypto-focussed financial products.

In 2022, Cashaa exited Unicas in India, a joint venture it set up with United Multistate Co-op Society. As part of the exit, the management of Unicas acquired the share controlled by Cashaa representatives.

At that time, Gaurav said that the platform was planning to release Cashaa wallet in India. Cashaa did not think Unicas could play any strategic role in its expansion plans in India.

Indian cryptocurrency market has been facing challenges such as a 30% tax on sales, 1% TDS on transactions over INR 10,000, and the RBI’s negative stance. Despite this, demand has surged since February, with trading volumes on major exchanges rising by 150-250%.