Banking the Crypto Sector
The cryptocurrency sector is increasingly influencing the financial services industry. Accordingly, Cashaa now debuts global crypto accounts for businesses and individuals.Particularly, the new service aims to speed up crypto banking. This is in realization that most of the crypto world is outside the traditional financial industry. According to a news release, the service will officially go live in late November. In anticipation of the launch, Cashaa merged their wallet release with the account plans. In essence, the aim is to provide all these services at one go for better utility by the users. The “multi-currency crypto friendly accounts” will be available to all entities in the crypto-sphere. The company reveals that business products for all entities, big or small are accessible.
Further, the release offers that Cashaa will launch the business with five products. They include a cryptocurrency wallet with mulitsig capabilities. Essentially, this kind of wallet avoids a single point of failure. This is to say that even if one wallet gets compromised, it cannot spread to other wallets on the same platform. As such, there is a very high security guarantee for the users and their assets.
Secondly, the Cashaa services will include accounting and auditing features as well as different membership plans. Interestingly, users will be able to pre-register for the membership plans. In addition, the service will be able to on-board business users for banking services. Lastly, the other aspect of the Cashaa service will incorporate an ability to deposit CAS tokens. Interestingly, the CAS tokens will be a requirement for all accounts to operate. However, the feature will not be a necessity for the free account plans. Already, the cryptocurrency is available on various platforms for trades.
Fear of Missing Out
As Cashaa debuts global crypto accounts, other banks are doing the same. According to the CryptoCoin reporter, some Swiss banks are launching crypto-focused services. Interestingly, this is in response to the increasing cases of customers abandoning them for banks that offer the services.
“Swiss banks have embarked on engaging cryptocurrency clients out of the fear that they might lose all the business to Liechtenstein and the Cayman Islands. The observations come in the light of several Swiss banks shutting down their crypto services late last year, a move that sent many crypto miners and customers to look for alternative services,” the CryptoCoin reporter explains.
Further, there are signs that Wall Street is warming up to the new asset class. However, it is evident that many large banks are staying away due to the volatile nature of cryptocurrency. Finally, even the government is seeking input from the nascent industry to ensure there is no overregulation of crypto.