LONDON, July 30, 2019 /PRNewswire/ -- Cashaa, a UK-based banking services platform, is enabling businesses to open a bank account in currencies like GBP, EURO, and USD. Cashaa went live with UK current accounts with limits up to 1 Billion GBP of incoming funds through its FCA regulated partners. In less than 100 days after the platform went online, 586 businesses have registered on the platform to leave their existing traditional banks and to be onboarded with Cashaa. Cashaa is not a bank in itself but it has built strong partnerships and tech integrations with various financial service providers, banks, PSP, EMI and integrated it through the Cashaa account to create a unique platform that is better than any bank.
"Crypto-related businesses are underserved by banks. Our goal is to create a hassle-free experience for any business who wants to join the crypto revolution. Existing financial institutions and banks do not have the capability to understand the crypto business, so even if they want to work they fail to do so. We feel the issue is in the communication and trust between the banks and crypto business. Cashaa is filling this gap, we are constantly innovating and challenging ourselves to make a banking platform for emerging tech businesses." Kumar Gaurav, CEO Cashaa.
Cashaa is also working to develop its crypto-focused payment gateway to process crypto-related transactions and fight the credit card frauds happening through Mastercard and Visa cards. Currently, Cashaa is helping crypto companies to accept Mastercard and Visa under a 2.75% processing fee. Major crypto giants like Coinbase or Binance are charging 3.5-4% when the purchase is made through Master/Visa cards while fees of companies like Changelly or Bitcoin.com can be anywhere between 6-12%.
"We feel that currently bigger crypto players have much more banking leverage and started acting as a traditional institution, which is slowing the innovation and competition from new startups. At Cashaa we want to fill that banking gap and give a level playing field for all the crypto companies" Archit Aggarwal, Chief Product Officer.
While Cashaa's personal account as per their roadmap was planned to be activated by Q2 2020, they were now able to release personal accounts earlier than that. For crypto enthusiasts who want to get the benefits of Cashaa, the personal account can be activated now by helping one crypto business to get banked through Cashaa. As a community-driven company, Cashaa is looking forward to rewarding active members by giving a free personal account now, much before it will open for the public.
The Cashaa Banking ecosystem is powered by CAS token, which enables business users to save on onboarding and exchange fees, get required account limits, and complimentary services.
Personal users can stake CAS to get access to the required account plans, save on exchange fees, and earn rewards: Users are getting a quarterly bonus from 25 % of the CAS collected by the company as fees from its business users.
Since 18 July, Business and Personal users can acquire CAS directly from Binance DEX.