The cryptocurrency businesses in the US are going to see their lives made easier. This is thanks to the crypto-friendly banking service provider Cashaa – a company that is launching USD accounts for businesses involved in cryptocurrency transactions.
The USD bank accounts will be provided in partnership with Metropolitan Commercial Bank. Cryptocurrency businesses will be able to apply for the USD accounts from November 25th, 2019. The accounts come with all banking features with access to different nations around the world. The only countries that will not be able to take advantage of the new accounts are sanctions jurisdictions.
The accounts will have a setup fee of 250,000 CAS – the token of Cashaa. This is approximately $1,576 considering the current price of the token. All US accounts will be based in the USA. The chief product officer of the provider commented that accounts will have “full access” to SWIFT networks and automated clearinghouse or ACH. Customers are getting unlimited access to both ACH and SWIFT with their USD accounts.
According to press, more than 800 businesses in crypto services have signed up for the service since May 2019 when the beta launch took place.
This is what the co-founder and VP of Marketing of Cashaa, Janina Lowisz said about the product:
Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models. The addition of US Dollar accounts is an important milestone for the crypto community and us.
As of now, the banking services of Cashaa include UK accounts with GBP 1bn in limit with Mastercard. All of these accounts are regulated by the UK FCA.