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UK banking platform Cashaa allowing crypto businesses to open accounts in fiat currencies

Cashaa, the U.K.-based banking service platform, said that it is now allowing crypto businesses to open accounts in various currencies, including U.S. dollars, British pounds and euros. 

The company said that after more than 100 days since going live, 586 businesses have registered on the platform. 

"Crypto-related businesses are underserved by banks," Kumar Gaurav, CEO of Cashaa, said in a company release. "Our goal is to create a hassle free experience for any business who wants to join the crypto revolution." 

He said existing banks and financial institutions lack the capability to understand the cryptocurrency businesses, so even if they want to help customers, they often fail to do so. 

Cashaa is also working to develop a crypto-focused payments gateway for processing crypto-related payments and to combat credit card fraud taking place during Visa and Mastercard transactions, according to the company. Cashaa said it is helping companies accept Visa or Mastercard with relatively low 2.75% processing fees while major crypto firms like Coinbase or Binance charge 3.5% to 4%, and other firms like Changelly or charge 6%-12%.