Source: Economic Times
Crypto banking services platform Cashaa said it has raised $5 million from Dubai based O1ex, a blockchain investment and advisory firm and will use the funds to expand into the Indian market and patch the users loss from Delhi OTC hack in July. To tap into the country's growing crypto user base, Cashaa will launch its neo-bank in India, which will be regulated under the Reserve Bank of India. Cashaa, allows its crypto currencies into systems like GBP, USD and Euro, plans to allow INR allow INR transactions against crypto in the near future.
‘India has a tremendous potential in its fin-tech sector. We believe that the next big evolution in the banking and crypto space can actually happen from India. Hence, we have been actively working on developing products, working on our infrastructure and recruitments to power our entry into the Indian market. Apart from India, we will also tap into the African and Caribbean market," Kumar Gaurav, CEO & Founder, Cashaa said.
Since Cashaa has been dealing in huge amounts of transactional data on crypto-currencies and national currencies, it has been enabling governments globally to understand the industry better and help develop a positive outlook towards the sector, which it feels can be replicated in India as well.In 2017, the London based firm had raised $33 million during the token sale but also rejected $14.7 million citing the inability of token buyers to pass its KYC Policy.
Apart from this, Cashaa will be using part of the funds to patch the July 2020 Bitcoin hack which occurred at its Delhi OTC. Though, the attack did not affect Cashaa's operation directly, the company wanted to ensure the confidence of the users who lost their token was restored. Cashaa is also the the second company which did not pass the loss of Bitcoin hack to its users. Binance too had introduced SAFU, to cover the loss due to the hack in which it lost $40 million.