UK-based next-generation banking platform Cashaa has reportedly developed a fiat gateway specifically for BEP2 tokens on Binance Chain. According to Cointelegraph, the new integration allows users to sell and buy tokens directly for fiat currencies.
The media outlet reported Cashaa will now support the U.S. dollar, UK pound, the euro, and the Indian rupee. The new gateway will notably connect to common banking networks for each currency. It was then revealed that there will be limited support for the SWIFT system, which will be available for pounds as well.
The launch of the new gateway comes just a few months after Cashaa launched a crypto business/broker account, which was created to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and Fifth Money Laundering Directive (5AMLD). At the time, the company stated:
“Our mission is to help crypto businesses get access to banking who have always struggled with traditional banks. Finally, in 2019, we started our operations in partnership with an FCA regulated entity intending to become the go-to banking services provider for underbanked industries worldwide.”
Founded in 2016, Cashaa describes itself as a gateway to consumer-centric and affordable financial products aimed at consumer adoption of Blockchain without having to understand the technical details of Blockchain technology. The company claims that its wallet system, integrated with the peer to peer exchange with full spectrum of fully digital financial services, enables its community to save, spend, borrow and get insured, with simplified user experience in a legally compliant way.