Cashaa, a neo-bank for crypto businesses, has announced a strategic shift in its business model, marking the discontinuation of 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. They stopped taking new business customers for banking services earlier this year, and all operations related to providing them will cease on May 30, 2024. Business customers using the Cashaa wallet for earning yields and lending services will have no impact.
The company is working on introducing an all-in-one wallet that will enable users to buy, store, spend, earn, and take loans on crypto. Cashaa has already released a beta wallet, which has been tested by more than 3,000 users in the last six months. Existing business customers, such as crypto exchanges, blockchain development companies, and other wallet providers, are also part of this beta test group, using its yield and lending services.
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In the first phase, Cashaa’s upcoming all-in-one wallet is going to be released in six new markets outside of Europe, giving users outside of Europe the ability the ability to buy, sell, earn, and borrow crypto in their local currencies. The release will be done in Europe (EUR), India (INR), Turkey (TRY), the United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and South Africa (ZAR) in June 2024.
All future Cashaa products will be designed to benefit the CAS token. To show its commitment to CAS, in the past few months, Cashaa has acquired 100 million CAS tokens from the market for the expansion of the CAS ecosystem, as per a company statement.
To lead the new era of Cashaa and its transition from business banking to crypto banking, Amjad Raza Khan, co-founder and architect of Cashaa, has been appointed as the new CEO, as per a company statement.
“After careful evaluation of our historical strength and long-standing trust that we have given to the industry, we have decided to make multiple strategic changes in the company to make Cashaa a well-known brand among millions of users expected to come into the crypto space during the next bull market. We are completing our regulatory, product, and corporate restructuring towards the growth of the CAS token and its ecosystem,” said Amjad Raza Khan, co-founder and CEO.
