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Cashaa, a prominent neo-bank in  crypto businesses, announces that its Founder and CEO, Kumar Gaurav, has stepped down from his position. While Kumar has not yet disclosed his immediate plans, it is anticipated that he is preparing for even greater endeavours. Under Kumar’s leadership, Cashaa evolved from a Bitcoin startup into a major player in the banking sector for crypto and high-risk businesses. His departure marks the end of an era at Cashaa, characterised by groundbreaking innovations.

This development comes as Cashaa strategically shifts its business model, discontinuing banking services for crypto and other high-risk businesses to focus on introducing an alternative to bank accounts for the masses worldwide to increase crypto adoption. The account will focus on increasing the adoption of Cashaa’s native token, CAS. Mr. Amjad Raza Khan, formerly the Chief Technology Officer (CTO), has been internally promoted to Chief Executive Officer (CEO). The company has already begun the corporate restructuring for the release of its global Cashaa account.

Reflecting on his journey, Kumar Gaurav stated, “Founding Cashaa has been one of the most rewarding experiences of my life, filled with challenges and triumphs. From the early days of utilising Bitcoin arbitrage to facilitate fee-free transfers to becoming a neo-bank for crypto businesses, our mission has always been to innovate and serve the crypto community. Despite numerous challenges we built a resilient organisation that has facilitated the movement of billions of dollars for crypto businesses without facing any security breaches or regulatory sanctions.”

"I am proud of what we have accomplished, from being recognized among the top blockchain companies to building a community of ndredsover 500 crypto businesses. The journey has been tough, but our dedication to compliance and security has always been our guiding principle. Amjad has been with us as one of the co-creators and is now ready to take Cashaa forward. Cashaa accounts are now ready to serve the masses under the leadership of Amjad.” he added.

Kumar Gaurav began his career as an Engineer and in 2012, he developed the navigation system for Ferrari. Later he worked as an IT Manager for Molina e Bianchi Industries (2014-2016) while pursuing a Master’s in Management from Politecnico di Milano. During his masters, he also co-founded the first Italian peer-to-peer insurance company called Darwinsurance which was later acquired by Esedra, one of the biggest Italian insurance brokers.

He also established the Auxesis Group in 2014, driving blockchain innovation in partnership with governments and top Fortune companies.

In 2016, with the mission to bring the benefit of Bitcoin to masses he created Cashaa. His goal was to provide low-cost financial solutions for people living abroad, who were often overcharged by traditional money transfer companies. He harnessed Bitcoin arbitrage to enable fee-free cash transfers, reaching over 172 cities. Despite initial challenges and limited banking access, Kumar led Cashaa through remarkable milestones.

In 2017, he received an extraordinary status (O-1) from the USA for his contributions to blockchain technology. Subsequently, Cashaa released a white paper on an evolved and inclusive financial system, raising over $30 million while maintaining strict AML compliance. In 2019 Cashaa started issuing accounts to unbanked crypto business and by 2021 it had one of the biggest communities of crypto business including industry leaders such as Binance, Polygon, Litecoin, Kraken and hundred more.

Kumar has also been recognized with other accolades, including being listed among the Top 100 Most Influential People in Blockchain by Rise Global (2016-2018) and being nominated among the ‘World’s Top 50 Innovators’ by the UK. In 2021, he was honoured as the Best Crypto Entrepreneur in the Middle East at the UAE-India Partnership Summit and received the Golden Excellence Award in 2023 from H.E. Nahyan bin Mubarak Al Nahyan, a Senior Member of the Emirates Royal Family and Minister for Tolerance and Coexistence of the UAE. As a respected thought leader in the FinTech space, Kumar has also been invited to share his insights at prestigious global forums such as Money 2020, TechCrunch Disrupt, the European Parliament, and Ivy League universities.

Amjad Raza Khan, who has been with Kumar throughout this journey, expressed his admiration and respect for Kumar’s vision and dedication. “Kumar’s passion and relentless pursuit of innovation have laid a strong foundation for Cashaa. His leadership has been instrumental in driving Cashaa’s extraordinary growth and success. Working alongside him, I’ve acquired invaluable industry insights that surpass what any leading institution could provide. I am honoured to continue building on his legacy and steer Cashaa towards new heights. Together with Saswat Das, our COO, I am committed to expanding our wallet services and making Cashaa a household name across key markets.”

With Amjad Raza Khan at the helm, the company’s immediate plans include launching the Cashaa account, a crypto alternative to traditional bank accounts that encompasses all standard banking features including storing, spending, earning, and borrowing.

Users from over 200 countries can benefit from the Cashaa wallet, with the initial rollout focusing on Europe, UAE, India, Indonesia, Turkey, South Africa, and Kenya, where users will be able to purchase crypto with their local currencies. These efforts will be accompanied by extensive marketing and customer outreach initiatives aimed at broadening Cashaa’s reach and impact.

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