Cashaa launches 'personal wallets', offers interest up to 24% on crypto assets

livemint.com:

Crypto-friendly neo-bank Cashaa has launched ‘personal accounts’, providing interest of up to 24% on crypto assets. This feature with a yield program enables users to store, buy, sell and earn interest on their crypto assets, the firm said.

Through the new wallet, users can generate yield on crypto, stable coin, and fiat deposits in over 22 supported currencies.

The platform has been providing banking services to crypto businesses globally, along with physical banking services in India through UNICAS. After offering essential banking services to businesses, the brand has launched the personal wallet to promote better earnings for retail users.

According to the startup, the interest on personal accounts will be paid daily.

“We are the biggest business banking platform providing services to the crypto industry. Today more than 400 crypto brands are using Cashaa, including industry leaders from across the globe. Launching personal accounts with best interest rates is an important milestone for us. We are taking another step forward in terms of finding a balance between regulation and providing benefit to crypto community, and expect Cashaa to also do well as a consumer brand," said Kumar Gaurav, founder and chief executive officer, Cashaa.

Cashaa personal accounts will comprise two modules. First, with flex earnings of up to 13% interest rate and with no locking, user will start earning interest as soon as they deposit the supported crypto in the Cashaa personal wallet. Second, fixed deposit with earnings of up to 24% interest rate with funds locking period between one month and 12 months, the firm said.

Fixed deposits will be available for both business and personal users. Users will also get up to a 4% bonus interest