Crypto neobank Cashaa shuts business banking unit
The company said business customers using its wallet for earning yield and lending services will not be impacted by its decision.
Neobanking app , which provides banking services for cryptocurrency businesses, said on Monday it is shutting down its business banking division, and will no longer allow users to open new US Dollar or Euro IBAN business banking accounts.
The startup stopped signing up new businesses for its banking services earlier this year. All operations related to the US Dollar and Euro IBAN business banking accounts will be fully phased out by May 30, 2024, the company added.
The shutdown will not affect its other wallet operations or lending services, the company said.
Founded in 2016, London-based Cashaa is also looking to launch an all-in-one waller to enable users to buy, store, spend, earn, and take loans on cryptocurrencies, the company said.
It has already released a beta wallet which was tested by over 3,000 users in the last six months.
The wallet will be launched in several new markets outside of Europe to enable users to earn, sell, and borrow cryptocurrencies in their local currencies. The new markets include India, Turkey, UAE, Indonesia, Kenya, and South Africa.
The service will go live in June 2024.
"We believe the year 2024 is the year of mainstream adoption of crypto with the likes of Black Rock and many trillion-dollar institutions entering the space, especially post Bitcoin ETF approvals by the SEC," said Kumar Gaurav, founder of Cashaa, in a press statement.
"This will bring billions of new users who had never considered crypto as an asset class," he added.
Edited by Affirunisa Kankudti
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