Question 1

What is Cashaa?

Accepted Answer

Cashaa is a cryptocurrency-focused financial services platform that operates as a digital banking and wallet provider for crypto users and businesses. Originally founded as a neobank serving crypto companies globally, Cashaa has evolved into a consumer-focused platform offering crypto banking services, including the ability to buy, store, earn yield, and borrow against cryptocurrency holdings. The platform bridges traditional finance with the cryptocurrency ecosystem through its proprietary CAS token and multi-currency wallet services.

While Cashaa was founded by Indian entrepreneur Kumar Gaurav and has significant operations targeting the Indian market, the company maintains a global presence serving users across multiple continents.

Question 2

When was Cashaa founded?

Accepted Answer

Cashaa was founded in October 2016 by Kumar Gaurav, an Indian computer programmer and entrepreneur. The platform initially launched as a peer-to-peer cash transfer application built on Bitcoin infrastructure, representing one of the world's first P2P cash transfer systems using the Bitcoin network.

In October 2017, Gaurav published a white paper outlining the vision to create a comprehensive banking and payment platform specifically designed for the cryptocurrency industry. The company raised $33 million in its initial token sale and officially launched banking services for crypto businesses in 2018.

The platform has undergone significant strategic shifts over its history, most notably transitioning from business-to-business banking services to consumer-focused crypto wallet and lending services in 2024.

Question 3

Where is Cashaa headquartered?

Accepted Answer

Cashaa is headquartered in London, United Kingdom. The company operates under UK regulatory frameworks and has held registration with the Financial Conduct Authority (FCA) for anti-money laundering compliance.

While headquartered in London, Cashaa has maintained operations across multiple jurisdictions and previously had physical presence in 14 countries to support its global business banking operations.

Question 4

Where does Cashaa operate?

Accepted Answer

In India, Cashaa has pursued various market entry strategies over the years. The platform attempted to establish banking operations in India in 2021 through a joint venture called Unicas with United Multistate Credit Co-operative Society, which opened crypto-friendly branches. However, Cashaa exited this venture in 2022 due to regulatory challenges.

As of 2024, Cashaa operates in India through its consumer crypto wallet and exchange services, allowing Indian users to buy, sell, earn, and borrow cryptocurrency in Indian Rupees (INR). The platform serves Indian retail customers alongside users in multiple other markets including Europe, Turkey, United Arab Emirates, Indonesia, Kenya, and South Africa.

Question 5

What services does Cashaa offer?

Accepted Answer

Cashaa offers a comprehensive suite of cryptocurrency-focused financial services:

Crypto Trading and Exchange: Users can buy and sell Bitcoin and other cryptocurrencies using seven national currencies, with competitive pricing and multiple fiat payment options.

Yield and Earning Products: The platform's "Earn" program offers interest rates up to 26% APR on stablecoins like USDT and USDC, and 18% APR on major cryptocurrencies including Bitcoin, Ethereum, BNB, Solana, and others. Users can choose between monthly and maturity-based interest payouts with flexible term deposits.

Crypto-Backed Lending: Cashaa provides instant crypto-backed loans with interest rates starting from 0% per annum. The AI-powered borrowing program offers flexible tenure options without requiring credit checks.

Digital Wallet: The all-in-one Cashaa wallet enables users to store, spend, and manage both cryptocurrency and fiat currency from a single interface. The wallet supports the platform's native CAS token, which provides bonus APR and additional benefits.

Referral Program: Users can earn up to 5% on income generated by friends they refer to the platform.

Cashaa discontinued its business banking services (including USD and EUR IBAN accounts for crypto companies) in May 2024 to focus exclusively on retail consumer services.

Question 6

What makes Cashaa unique?

Accepted Answer

Cashaa distinguishes itself as one of the few platforms that successfully served the institutional crypto industry for an extended period before pivoting to retail services. The platform provided banking services to over 500 prominent crypto companies including Binance, Chainlink, and Polygon, managing over $1.2 billion in digital assets by 2022.

The platform's native CAS token serves as the cornerstone of its ecosystem, offering users enhanced yields, discounts, and investment opportunities. Cashaa has demonstrated commitment to its token by acquiring 100 million CAS tokens from the market to support ecosystem expansion.

Cashaa's focus on emerging markets sets it apart from many Western-centric crypto platforms. By offering localized services in currencies like Indian Rupee, Turkish Lira, Kenyan Shilling, and South African Rand, the platform addresses financial inclusion in underserved regions.

The platform has maintained an eight-year operational track record without major security breaches, regulatory sanctions, or fines since its 2016 founding, though it did experience a $2 million cryptocurrency theft in July 2020, which was covered by a subsequent $5 million investment from Dubai-based fund O1ex.

Question 7

What type of financial institution is Cashaa?

Accepted Answer

Cashaa operates as a cryptocurrency exchange and digital wallet provider rather than a traditional bank. In India, it functions as a fintech platform offering crypto-related financial services to retail customers.

The platform is not a licensed bank under the Reserve Bank of India's regulatory framework. While Cashaa previously attempted to operate banking services in India through a credit cooperative society structure (Unicas), it exited that model in 2022 and now focuses on cryptocurrency exchange and wallet services that do not require banking licenses.

Globally, Cashaa has operated as an FCA-registered crypto business in the UK for anti-money laundering compliance purposes. The platform's business model aligns with cryptocurrency service providers and digital asset platforms rather than traditional banking institutions.

Question 8

How has Cashaa adapted to regulatory challenges?

Accepted Answer

Cashaa has demonstrated significant adaptability in response to evolving cryptocurrency regulations across multiple jurisdictions. When the Reserve Bank of India banned banks from providing accounts to crypto companies in April 2018, Gaurav launched a non-profit initiative to educate Indian citizens about blockchain and cryptocurrency, which received government support. The ban was eventually lifted by the Supreme Court of India in 2020.

In the UK and European markets, Cashaa proactively adapted its services to comply with the Fifth Anti-Money Laundering Directive (5AMLD) that became mandatory in January 2020, positioning itself as a compliant banking solution for crypto businesses when many traditional banks refused to serve the industry.

The company's 2024 decision to discontinue business banking services and focus on retail crypto wallet services represents another strategic adaptation to the complex and evolving regulatory landscape facing crypto-friendly banking institutions globally.

Cashaa

in India 🇮🇳

Crypto-Friendliness

All done!

About Cashaa in India