Serving as one of the best banking platforms for fiat as well as digital currencies, Cashaa has announced that it will soon support U.S dollar bank accounts designed specifically for cryptocurrency-based businesses. The Bitcoin banking giant has clarified that the facility will be provided to an array of entities excluding those working in the sanctioned countries.
The platform affirmed that the U.S based customers would get the opportunity to apply for USD accounts from November 25, 2019. Cashaa has collaborated with Metropolitan Commercial Bank-a New York-based banking solution, for the execution of this strategic project.
The U.S Dollar bank accounts will be facilitated by automated clearing house and limitless SWIFT access. The customers will have to make a one-time setup fee of 250,000 CAS, Cashaa’s native digital currency. Similar to U.K account holders, the U.S dollar account holders will also be able to enjoy convenient access to the platform’s multisig wallet and exchange functionality for bitcoin transactions.
As per the reports, Cashaa’s highly anticipated project is designed to cater to the requirements of the cryptocurrency businesses who face issues while opening a corporate account in the U.S territory. These entities face difficulty primarily because the traditional banking system has been hesitant in giving the necessary helping hand to the crypto arena because of the regulatory measures.
In a press release, Cashaa stated that it constituted a “pre-compliance team” in the month of September following Barclay’s sudden step to stop lending support services to Coinbase.
Janina Lowitz, the co-founder and vice president of marketing in Cashaa, stated that
Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models. 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.
This year in April, Cashaa initiated cryptocurrency purchases using debit and credit cards while in October 2019, the firm triggered a Bitcoin purchasing facility for Indian customers using the native currency. Cashaa is a well-known and entrusted entity in the banking sector. It offers an array of crucial services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat currency, credit card processing for crypto businesses, etc.