Is the Cashaa Banking Platform really for the People?
Cashaa is a London based banking and payment remittance startup whose goal is to make cryptocurrency transactions more accessible for the people. The Cashaa banking platform will be a force to contend with in the blockchain space.
Cashaa was founded in 2016 as a payment remittance and trading platform where traders and customers can both benefit. Customers are able to exchange bitcoin into fiat while at the same time, cryptocurrency traders are able to make a profit by filling the orders on the books.
Cashaa’s CEO, Kumar Gaurav, acknowledges that bitcoin prices between the UK, Indian, and Nigerian markets were different. Kumar said in Coindesk, that he consistently sees a 3—4% spread between UK and India bitcoin market, and about 8-11% between UK and Nigeria.
We are able to split this profit between the two traders, and also keep some of the profits for Cashaa. If the spread is higher, we are able to split this with the receiver as well, which means the recipient in India or Nigeria gets more money than indicated by the market rate.
Cashaa approached their model in 2 ways. The first thing is by using Cashaa as the traditional remittance services, and the second is by creating its traders market from the remittances orders.
Comparing with the traditional remittance Cashaa was offering cheaper remittances. There will be no fees for sending money, the platform will only charges £1 as the guarantee for a fixed exchange rate. There are a lot of remittance companies that also using bitcoin, but it will be much different with the new opportunity by Cashaa platform and its features.
Cashaa has since revamped and extended their business model in 2018. Now they are working to become a regulated and compliant banking system.
We are in the process of applying our own EMI license through FCA and moving towards banking license. Meanwhile, we are partnering with accredited institutions working with Bank of Lithuania and Slovenia to bring Cashaa vision to life in compliance with regulators.
Cashaa has a 6-pronge business model now.
Cashaa is involved in many events and public appearances while at the same time working diligently to launch their many products and services
We will keep you posted on Cashaa’s progress. Cashaa is one blockchain-based business we will keep our eyes on.
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Faith Sloan “QueenWiki”
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