Cashaa, a neo-bank in crypto businesses, announced that its founder and CEO, Kumar Gaurav, has stepped down from his position. Kumar has not yet disclosed his immediate plans.
This development comes as Cashaa strategically shifts its business model, discontinuing banking services for crypto and other high-risk businesses to focus on introducing an alternative to bank accounts for the masses worldwide to increase crypto adoption.
Amjad Raza Khan, formerly the Chief Technology Officer (CTO), has been internally promoted to Chief Executive Officer (CEO). The company has already begun the corporate restructuring for the release of its global Cashaa account.
Read: Cashaa To Release New Wallet In Seven Markets, Shut Down Its Business Banking Division
In 2016, with the mission to bring the benefits of Bitcoin to the masses, Gaurav created Cashaa. His goal was to provide low-cost financial solutions for people living abroad, who were often overcharged by traditional money transfer companies. He harnessed Bitcoin arbitrage to enable fee-free cash transfers, reaching over 172 cities.
With Amjad Raza Khan at the helm, the company’s immediate plans include launching the Cashaa account, a crypto alternative to traditional bank accounts that encompasses all standard banking features, including storing, spending, earning, and borrowing.
As per the company, users from over 200 countries can benefit from the Cashaa wallet, with the initial rollout focusing on Europe, the UAE, India, Indonesia, Turkey, South Africa, and Kenya, where users will be able to purchase crypto with their local currencies. These efforts will be accompanied by extensive marketing and customer outreach initiatives aimed at broadening Cashaa’s reach and impact.
Recently, the Securities and Exchange Board of India (SEBI) said that it is open to a regulatory role in crypto trading. In an interview with the Economic Times, Gaurav said, “Proper regulatory oversight coupled with rationalization of capital gains tax and TDS can prove to be just the incentive required for Indian investors to enter the crypto market in droves, as it will make crypto safer and more attractive as an investment and also a hedging avenue.”
