Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries.
Cashaa offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often struggle to receive these services from traditional banks. 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’s native token (about $1,500 at press time).
Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa’s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.
Banking the Unbanked
Cashaa’s new service is targeted at cryptocurrency businesses who encounter difficulty opening a corporate account in the U.S. As noted above, traditional banks have often shied away from the industry for reasons that range from regulatory uncertainty to the volatile nature of crypto assets.
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 following Barclays decision to stop serving Coinbase.
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. “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.”
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.