U.K.-based Cashaa, a cryptocurrency banking platform, has launched bank accounts for U.S.-based crypto firms in U.S. dollars.
Cashaa is offering the accounts through a partnership with Metropolitan Commercial Bank, which saw a more than 300-percent increase, year-on-year, in its non-interest income. Metropolitan Commercial Bank, which is headquartered in New York City, is a full-service commercial bank with banking centers in Manhattan, Boro Park Brooklyn and Great Neck, Long Island.
“Traditional banks currently underserve crypto-related businesses,” said Janina Lowisz, Cashaa’s co-founder and VP of marketing in a press release. “The addition of US dollar accounts is an important milestone for the crypto community and us.” Cashaa believes that, as the world changes, new types of businesses are evolving.
Accounts will be domiciled in the U.S. with “full access” to the automated clearinghouse (ACH) and SWIFT networks. Crypto and “high risk” firms must pay 250,000 CAS (approximately $1,576), Cashaa’s token.
Other Cashaa services include UK current accounts with a limit of 1 billion GBP with Mastercard through FCA regulated entities.
“Our 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.”
Since our pre-compliance team started working, our onboarding speed has doubled with our UK regulated partner entities.
“Partnering with a US bank will help us expand our services to the USA as well as provide our existing customers more opportunities.” -Archit Aggarwal, Chief Product Officer.
New accounts are open for applications starting Nov. 25. The firm put a “pre-compliance team” in place ahead of that date.