UAE investment firm O1ex invests 5 million USD in crypto bank

Cashaa, crypto friendly neo bank has raised 5 million USD from UAE Based O1EX, a blockchain investment and advisory firm. According to the announcement this is another milestone for the company, whose mission is to change the banking industry. Cashaa had previously raised 33 million USD in their token sale in 2017, where 14.34 million USD of those were rejected due to the inability of token buyers to pass their KYC AML standards. 

 

The latest investment will be used for the expansion plans of Cashaa into India. According to the announcement their goal is to pave the way for a crypto friendly banking system in the country. Cashaa in India will be regulated by the reserve Bank of India.  As stated in the announcement, Cashaa are planning to tap into the growing crypto user based in India. 

 

Cryptocurrencies such as Bitcoin, Cashaa coin, Ethereum and Tether are already part of  the banking system, like the US Dollar, Euro, Sterling Pound, and possibly Indian Rupee soon. More cryptocurrencies such as Ripple, Litecoin, Bitcoin Cash and EOS will be added in 2021. 

 

" India has tremendous potential in its fintech 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. 

 

The company talks about their achievements thus far which include the onboarding of 1500 crypto companies in the near future, more than 100 crypto companies already using the BETA version, as well as being in the final stages of approval for the banking platform which will be rolled out by December 2020.  One of the major achievements is that Cashaa has been profitable since March 2020. 

 

Cashaa in February of this year had also launched is crypto business broker service.