India, despite its slow adoption of Web3 technologies and services, has emerged as a region of focus for several companies working around cryptocurrencies, metaverse, and NFTs. In a fresh development, UK-based crypto wallet firm Cashaa has announced the expansion of its services to India and other locations that include Turkey, Indonesia, Kenya, South Africa, as well as the UAE. The platform, that already works in Europe, will be made available across these new regions starting June 2024.
This expansion for Cashaa services will allow more members of the crypto community to purchase, spend, and hold digital assets in its secure ecosystem. Among other services, the platform will also allow users to procure fiat loans against their crypto deposits. Through its services and broader geographical expansion, Cashaa is aiming to stir more engagement around its native token called CAS. Founded in 2016, the company is especially boastful and proud about its security system.
“Cashaa has facilitated the movement of millions of dollars for crypto businesses without facing any security breaches, regulatory sanctions, or fines since the last eight years,” Kumar Gaurav, Founder, Cashaa said in a prepared statement.
The team behind Cashaa claims to believe that the year 2024 will drive crypto towards mainstream adoption.
“With the likes of Black Rock and many trillion-dollar institutions entering the space, billions of new users who had never considered crypto as an asset class will enter the space, especially post Bitcoin ETF approvals by the SEC earlier this year,” Gaurav added.
For now, Cashaa is working to ensure that its operations and service offerings align well with the laws and corporate requirements of all the locations. As far as expanding its business to India is concerned, Cashaa is among several Web3 firms looking to express interest in the country that evidently shows promise.
From three percent in 2018, India’s global share of blockchain developer pool reportedly rose significantly to 12 percent last year. Projects around Web3-compatible finance, entertainment, and infrastructure services are garnering the attention of venture capitalists towards India, which is also home to over a 1,000 Web3 startups. In order to keep its investor community safeguarded against crypto scams and frauds, the Indian government is gradually deploying regulations to oversee the sector.
