Since Cashaa was founded in June 2016, a large part of its users has been based in India, which for the past years had a difficult relationship with cryptocurrency. Since July 2019, banks and other financial institutions have been forbidden to provide services related to cryptocurrencies, such as transacting with exchanges and other crypto businesses, similar to other parts of the world.
While access to crypto in India through banking no longer exists, Cashaa was able to find a solution.
On the occasion of Diwali, an Indian festival for wealth and prosperity, Cashaa will be enabling INR deposits and purchases of crypto in India for Indian residents, up to 1 crore INR per month.
With more than 5 Million crypto users in Indiacurrently left without any stable option, Cashaa expects many of them will opt for Cashaa including buying the required 2,500 CAS required to access the new service.
Other than solving a pressuring issue for crypto enthusiasts in India, the new service will also increase CAS utility, as it adds to the multiple CAS use cases: CAS holders worldwide can participate in the staking program for individual users and get a quarterly revenue share, personal and business users can pay for transaction fees and get a discount, business users can pay their onboarding fee and get access to the required account limits, complementary services, and more.
Since Cashaa’s banking services launch in May 2019, CAS has become one of the few tokens with an increasing real-life utility with strong use cases, as Cashaa’s crypto-friendly bank accounts have received a huge demand including more than 700 business signups, many of which are in the process of onboarding.
CAS is currently available at Binance DEX and Cashaa wallet.
For more information about Cashaa, see here.