A blockchain startup is now building tomorrow’s banking solution for you today. A company founded in 2016 has built an innovative banking platform that will allow anyone, with or without a traditional bank account, to exchange and transfer fiat money and cryptocurrencies. The name of this company is call Cashaa and what is more impressive is that they have already developed the beta and tested the solution with 12,770 users across 141 countries with transactions amounting to $10 million dollars.
This company will enable banking for billions who are unbanked globally, giving banking services such as money transfer, remittances, micro lending and in the future peer to peer insurance to billions who do not qualify for traditional banking services now. This ambitious banking service will be built entirely on the blockchain and judging from their beta-test, there is a strong demand for this blockchain banking service especially the remittance service.
The remittance industry is itself a 575 billion industry (according to The World Bank) and millions of foreign workforce remit money back to their home countries each month while paying exorbitant transaction fees which can range from 3% up to 20%. What Cashaa is developing is a solution that will leverage on the liquidity of cryptocurrencies between crypto traders in the background. While this sounds complicated, it will be entirely invisible to the user who wants to remit fiat money to his home town back in Indonesia or Nigeria etc. Lets say an Indonesian working in Singapore wishes to transfer $500 back to Bogor, Indonesia. Cashaa platform will find a bitcoin seller in Singapore who wishes to sell bitcoin for Singapore dollar as well as a bitcoin buyer in Indonesia who wishes to buy bitcoin for Indonesia rupiah. The $500 will be used to purchase the bitcoin in Singapore and then sold to the bitcoin buyer in Indonesia and the receipt will be in Indonesia rupiah and will be transfer to the intended recipient in Bogor, Indonesia. This will be transparent to the original user who only sees her money transferred to Indonesia. She does not need to understand how the liquidity was provided by the cryptocurrencies trading happening in the background. But she will benefit from the Cashaa system with better money transfer speed as well as costs.
Before Cashaa she would have to pay 3% plus the differences (approximately 2%) in exchange rates (SGD/IDR) to a money transfer operator located in Singapore; this can amount to $25 for a $500 remittance. But with Cashaa, she would only pay a $1 flat fee to transfer her money. This will save $300 per year for this particular person who is working in Singapore; huge savings relative to her monthly $500 remittance.
The benefits of Cashaa is multifold. The remittance fees for millions annually will be lowered and helping families in developing countries especially Indonesia, Philippines and African countries etc to receive money with less fees. At the same time, the liquidity in the cryptocurrencies world will also be increased and providing crypto traders a lot more liquidity in exchanging crypto to fiat and vice versa.
What does this matter to me?
If you transfer or remit money on a regular basis, you will save plenty of money using Cashaa instead of using traditional money transfer services or banks. If you are a cryptocurrencies trader, you will have a highly liquid avenue to trade your crypto currencies. And if you are an investor, this is an opportunity to take part in a disruption to a 575 billion dollar industry that will likely yield you a substantial return. Cashaa is launching their ICO on 6th November with a max cap of $32 million USD or 510,000,000 CAS tokens. Each token will cost $0.1.
A Bonus structure for the Main Sale is as follows:
At this moment, Cashaa is conducting a Pre-Token Sale and they are capping it to $20 million USD. The minimum investment is $15,000 USD. This pre-sale started on 20th October and will end on 30th October. The bonus structure for the pre-sale is as follows:
Note that Cashaa has a KYC process in place. For more information, visit their website as follows:
https://cashaa.com/pdf/Cashaa_WP.pdf
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1118743
My Eth address: 0xD79d45e37dca430712FaaD409B5377AA8d5D0Dd6