Place the cashews in your blender container, and cover with 1/2 cup of water. Set aside to soak.
In a large, heavy pot, heat the vegan butter and olive oil over medium-high heat until melted together. Add the ginger, garlic, chilies and cumin and coriander and stir well. Allow to cook in the oils for a couple of minutes until fragrant. Be careful not to burn (especially garlic, it burns quickly).
Add the tomato paste and stir well together, allow to cook down for about 5 minutes, until it is starting to caramelize.
Place the masala (spice & tomato mixture) along with the can of coconut milk in the blender with the cashews that have been soaking, and blend well on high for at least a minute, until smooth. You can run it through a sieve if you are concerned about particulate.
Pour the sauce back into the pan, and bring it up to just under a boil, and the sauce thickens. Add the cubed tofu or paneer, and stir, allowing them to heat up in the sauce. When everything is heated through, serve atop a bed of basmati rice, garnished with chopped cilantro if you like.