Cashaa To Deliver Crypto Institution In India With UK Firm

The India expansion aligns with Cashaa's broader growth strategy. The company raised $5 million from Dubai-based O1ex to fund operations in the Caribbean, Africa, and the United States. In early October, Cashaa opened accounts for Indian users, enabling them to buy and hold CAS, the company's native token, as well as other cryptocurrencies. Cashaa intends to let customers use their crypto assets as collateral for loans.

Founder and CEO Kumar Gaurav explained the strategic reasoning. "Most Indians are not aware or are misinformed about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends," Gaurav said. "India is still largely a cash-based economy despite a demonetization drive. We intend to address both issues which are slowing the process of cryptocurrency adoption."

Media reports in India suggested the government would ban cryptocurrencies, but no such proposal materialized. When Parliament assembled for the Monsoon Session in September, lawmakers took no action on digital asset restrictions. Gaurav dismissed the reports as speculation and said regulations would not obstruct the venture's development.