Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses.
Cashaa offers banking services like International (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses.
It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts.
These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS.
Cashaa has integrated with the New York-based Metropolitan Commercial Bank for the provision of this service.
Banking the Unbanked
Cashaa’s new service is targeted at cryptocurrency businesses who find difficulty opening a corporate account in U.S.
In some cases, cryptocurrency-based businesses have had their accounts closed. In a press release on the service, Cashaa noted that it formed a “pre-compliance team” in September 2019.
Speaking on their rationale, Janina Lowisz, the co-founder and vice president of marketing, believes her company could help serve the “underserved businesses building new technologies.”
“Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models,” Lowisz said in the release. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.”
In April 2019, Cashaa began supporting cryptocurrency purchases with major debit and credit cards. In October 2019, the company enabled bitcoin purchasing options for customers in India using fiat currency.