Cashaa: Next-generation Banking Platform?

Cashaa enables a global community to save, spend, borrow and get insured, with a simplified user experience

Ramy Caspi
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The global financial crisis revealed significant weaknesses in the existing financial system and some of the vulnerabilities already showed their impact on the interconnected global market. The world economy is still struggling with slow growth rate today. Transferring money for remittance, money lending across international borders is still very complicated, time consuming and expensive. Existing systems running on traditional banking channels are slow and full of intermediaries, higher exchange rates, counter-party risks, bureaucracy and extensive paperwork.

Cashaa is a financial platform founded by a London-based company on January 18, 2017 after testing it for several months. CEO Kumar Gaurav founded this platform in collaboration with co-founders Celestine Vettical, chairman, Dominic Melo, chief payment officer, Francesco Zorgno, chief investment officer, Felice N. Covelli, CFO and Janina Lowisz, VP marketing. Since its inauguration this platform has transferred more than USD 2.5 million on behalf of its +/- 12,770 users.

Cashaa boldly states on its website that they are the “next-generation banking platform for the next billion.” Cashaa is a gateway to consumer-centric and affordable financial products aimed at consumer adoption of Blockchain without having to understand the technical details of Blockchain technology. Cashaa’s wallet system, integrated with the peer-to-peer exchange with full spectrum of fully digital financial services, enables its community to save, spend, borrow and get insured, with a simplified user experience in a legally compliant way.

The team believes with their innovative payments platform, they’ll be able to eliminate any financial barriers that prevent the billions of unbanked or underbanked individuals from the benefits of modern financial services. This is not to say that Cashaa won’t be useful to those that are banked, but the benefits are more obvious to those who aren’t as fortunate.

Introduction to Cashaa

Let’s take a look at this scenario. You are in the United Kingdom and you’re trying to send money to your family in Ghana, however your family is underbanked and do not have access to services like bank wires.

You open up the Cashaa platform and you initiate a request to trade your GBP to cedi (Ghanaian Cedi) and send it to your family.

Step 1: Cashaa Platform finds a person that wants to liquidate their Bitcoin into GBP. The platform automatically executes the trade of your GBP for the Bitcoin.

Step 2: Cashaa then finds someone in Ghana that wants to buy your Bitcoin and pay for it in Cedi. This trade also automatically executes through Cashaa.

Step 3: The Cedi you receive from the last trade is sent to your intended destination.

Cashaa is a payment platform that works with an aim to provide financial products to the individuals all over the world who use bank accounts or not for financial transactions. Cashaa also offers other services like microlending, p2p insurance, trading exchange and a multicurrency wallet.

Cashaa built its infrastructure on the blockchain and utilizes artificial intelligence to power mainstream adoption for financial products. It empowers the banked and unbanked population, facilitates low cost currency exchanges, enables participation in the global economy and develops the new outlook for this community by using open architecture. Instead of rebuilding or riding on the rails of archaic banking infrastructure, Cashaa was built to allow consumer adoption of cryptocurrencies, which let people move money as they wish at low cost and high speed, without having to understand the technical details of crypto and blockchain technology, thereby making it user friendly, secure, and affordable.

Blockchain has been designed to provide a layer of trust over the Internet. This layer of trust is not only enabling many possibilities for different industries but also enhancing their performance by adding fundamentally new capabilities. 

The Blockchain has given us a complete shift to an era of programmable assets, enabling trust online, ownership of digital data, money, identity and contracts. Today, every industry is finding capabilities and asking itself how it should leverage Blockchain to improve their processes.

The Blockchain has initially been designed by keeping in mind of “money”, which our Bitcoin Blockchain does the best. The problem arises when industries leverage the same Blockchain and apply it to their Enterprise processes which require very high data transmission speed, privacy of transmitted data and full control over the network. It’s all the demands of enterprises for which a Bitcoin Blockchain has not been designed for!

Cashaa is an Ethereum-based banking platform powered by the technology of Auxledger, a performance, scalability and security focused enterprise grade blockchain, to provide maximum security and efficient performance to its clients. It offers an exchange and money transfer services between fiat and cryptocurrencies. Financial technology combined with fiat will enable real-time, peer-to-peer value exchange and payment services across all the Blockchain. The integrated Cashaa's wallet system enables its community to save, spend, borrow and get insured, with a simplified user experience in a legally compliant way. This platform claims to have over 12,770 registered users across 141 countries in 97 currencies and has used 2100 Bitcoins to date through it’s beta testing program.

Cashaa’s open platform approach also allows traditional financial institutions, banks and payment processors to reinvent and connect their products and services on the Blockchain, making them more efficient, convenient and globally accessible.

Token

Cashaa launched its Token Generation Event (TGE), with CAS token built as an EIP-20 (former ERC-20) token on the Ethereum blockchain. CAS were recently sold at $0.10 each in a crowd sale (ICO) on November 5th through to December 6th, 2017 and raised USD$ 11,130,000.00.

CAS, is used as the main currency of Cashaa's ecosystem and allows its holders to acquire premium services, trade cryptocurrencies anywhere in the world, provide the credit score for lenders, participate in governing mechanism of CAS usage, and publicly trade tokens.

Along with being the key component that enables trading and governance, the CAS token provides a range of benefits to the holders. Each Cashaa wallet comes equipped with CAS tokens, and only traders with enough CAS can participate in the network.

Kumar Gaurav, Cashaa's CEO, said, "Cashaa started as a blockchain-based international money transfer marketplace and we have seen exponential growth over the past few months. We are now evolving it as a Banking and Payments solutions provider with products for lending, international payments, prepaid cards and insurances. The overall goal is to leverage Blockchain technology to build a customer centric, fully digital financial platform which is universally accessible and simplifies the user experience".

There are many platforms working on improving the international transfer and online remittance industry. Cashaa only transact in fiat currencies. It is the trader’s job to handle cryptocurrencies in the background, deal with liquidity, KYC/Regulations etc. This significantly removes the entry barriers for regular users. Providing the option of cash based transactions is a big positive as entire economies in developing countries are based on cash and there is a significant technology barrier to even operate basic applications.

Resources—

Website: https://cashaa.com/

Whitepaper: https://cashaa.com/pdf/Cashaa_WP.pdf

Auxledger: http://auxledger.org/