NewsUK's Cashaa To Offer Banking For US Crypto Firms

UK’s Cashaa To Offer Banking For US Crypto Firms


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U.K.-based banking service platform Cashaa is launching U.S. dollar bank accounts for crypto businesses in partnership with Metropolitan Commercial Bank.

Starting on November 25, cryptocurrencies and other high-risk businesses can apply for accounts that will offer full banking features from anywhere in the world, except for sanctioned countries.

β€œAs our world is changing, new types of businesses are evolving. Traditional banks currently underserve crypto-related businesses. Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models. The addition of U.S. dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems,” said Janina Lowisz, co-founder and VP of marketing, in a blog post.

To make the onboarding process easier, the company also revealed that it has created a pre-compliance team.

β€œOur automated process and ability to understand crypto businesses have made us a leader in the European crypto banking space. Our products are designed for startups as well as unicorns in the crypto industry, who are our customers. Ever since our pre-compliance team came into action, our onboarding speed has doubled with our U.K.-regulated partner entities. Partnering with a U.S. bank will help us expand our services to the USA as well as provide our existing customers more opportunities,” said Archit Aggarwal, chief product officer.

In other news, Hyperledger announced that a Chinese firm that also serves the country’s army is joining its new certification program.

Of the five companies authorized as Hyperledger Certified Service Providers (HCSP), three are from the United States (IBM, Accenture and Chainyard), while the other two are from China (Ant Financial and Beijing Peersafe Technology).

Founded in 2014, Peersafe provides infrastructure for blockchain-based platforms across China, including the government. In fact, its biggest applications might be used by the military. CoinDesk reported that China’s military is looking into using blockchain technologies to do everything from securing classified information and communications to studying military training performances.




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