Cashaa Technologies, a UK-based cryptocurrency banking app, has reportedly raised $5m in a funding round to support its expansion in India.
The capital injection was led by blockchain-focused investor O1ex, according to a report from VCCircle.
With the fresh funds, the FinTech plans to expand in India as well as Africa and the Caribbean, it said. The company is also planning on adding support for the rupee in the coming months.
Furthermore, some of the capital will be used to cover users’ losses from a theft of 336 bitcoins earlier in the year. This theft occurred through a security breach in an over-the-counter unit in Delhi, it said.
Cashaa founder and CEO Kumar Gaurav told VCCircle, “We believe that the next big evolution in the banking and crypto space can actually happen from India. Hence, we have been actively working on developing products, working on our infrastructure and recruitments to power our entry into the Indian market.”
The FinTech aims to create a banking platform for exchanges, crypto wallets and brokers. Through the platform, users can buy and sell cryptocurrencies, as well as send more than 70 currencies and four cryptos to accounts around the world.
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