Cashaa, an online banking platform, is expanding its digital wallet feature for the market in India. The platform’s aim is to make it easy for Indians to buy bitcoin using the Indian rupee (INR), the country’s fiat currency. To do this, Cashaa will enable fiat deposits so that Indians can send rupees into its digital wallet and then purchase BTC.
The local deposit integration will go live on October 27, 2019; the same date many Indians celebrate Diwali, a Hindu festival of wealth and prosperity. The company has pegged the deposit limit to about 1 crore INR (about $141,000) per month for cryptocurrency purchases. Once the wallet is funded, Indians can use the funds to purchase bitcoin as well as ether and Cashaa’s own token, CAS.
Expansion of Services
Cashaa launched in 2016 with a mission to open up the financial system for the unbanked. To do this, the company runs a full suite of traditional banking and cryptocurrency services. It offers services like credit card processing, crypto-friendly business accounts and international Society for Worldwide Interbank Financial Telecommunications (SWIFT) transfers.
The move constitutes a further improvement to what has been a rather strong year for Cashaa. In April 2019, the company began supporting the purchase of supported crypto assets with major debit and credit cards all over the world, excluding the U.S. At the time, the company claimed that crypto purchases using credit cards is cheaper than the industry average.
An Opening for Indian Customers
This new development could facilitate cryptocurrency transactions for users in India. With over 1.3 billion people, India has an enormous market, but its regulators have been unfriendly toward cryptocurrencies.
In 2018, the Reserve Bank of India placed a ban on local banking institutions serving cryptocurrency businesses. Indian lawmakers have also proposed jail terms for citizens who conduct cryptocurrency trades in the country. As a result, several businesses have either shut down or moved, while many cryptocurrency-adopting Indians have been all but stranded.
Cashaa could significantly elevate the Indian cryptocurrency space by providing a safe and reliable solution for people to get their hands on their favorite assets once more.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.