Crypto banking services platform Cashaa said it has raised $5 mn from Dubai based O1ex, a blockchain investment and advisory firm and will use the funds to expand into the Indian market and patch the users loss from Delhi OTC hack in July.
Cashaa will launch its neo-bank in India, which will be regulated under the Reserve Bank of India. Cashaa, that allows its crypto currencies into systems like GBP, USD and Euro, plans to allow INR transactions against crypto in the near future.
‘India has a tremendous potential in its fin-tech sector. We believe that the next big evolution in the banking and crypto space can actually happen from India. Hence, we have been actively working on developing products, working on our infrastructure and recruitments to power our entry into the Indian market. Apart from India, we will also tap into the African and Caribbean market," Kumar Gaurav, CEO & Founder, Cashaa said.