UK-based neobank Cashaa , which provides banking services for crypto businesses has revealed its intention to shutter its business banking division. As of 30 May 2024, the company will cease allowing users to open new USD or Euro IBAN business banking accounts according to yourstory.com.

This move follows the suspension of new business sign-ups earlier in the year, and Cashaa clarified that the shutdown will exclusively affect operations related to USD and Euro IBAN business banking accounts, with no impact on other wallet services or lending offerings. Cashaa's plans moving forward Established in 2016 and headquartered in London, Cashaa disclosed its intention to introduce an all-in-one wallet designed to facilitate various cryptocurrency transactions. The upcoming wallet aims to enable users to engage in buying, storing, spending, earning, and borrowing cryptocurrencies.

A beta version of the wallet underwent testing by over 3,000 users in the preceding six months. The company plans to launch the wallet in multiple new markets beyond Europe, including India, Turkey, UAE, Indonesia, Kenya, and South Africa, with a scheduled release date of June 2024. Regarding these recent developments, Cashaa's founder expressed optimism about the growing mainstream adoption of cryptocurrency in 2024.

They also highlighted the entry of major institutions such as BlackRock into the space, particularly following the approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). In this context, Cashaa officials further anticipate that these developments will attract new users previously uninterested in cryptocurrency as an asset class. .