Cashaa is a revolutionary financial platform designed to improve peer-to-peer remittances and financial systems across the world primarily to the unbanked or underbanked.
Cashaa also enables access to benefits such as having a complete bank account platform, microlending services, forex trading, and other financial services previously limited to the public.
Led by a team with heavy experience in the blockchain and financial sector, Cashaa is set to deliver a much-needed aid to today’s outdated payment systems.
The blockchain-based payment system will disrupt obstacles in today’s financial system that affects billions of unbanked people negatively by introducing a platform that enables global payments to be made quickly with extremely low fees.
Cashaa does this by linking cryptocurrency markets and the foreign exchange by matching fiat senders and cryptocurrency traders. By doing so, Cashaa allows individuals to send money all over the world for a fixed fee of $1.
We recently sat down with Kumar Gaurav, the CEO of Cashaa to have a chat with him about the project as well as finding out his thoughts and insights.
Hi, Kumar. Thanks for joining us today. Can you tell us more about yourself and Cashaa?
I am a serial entrepreneur who got into the blockchain sphere three years ago and started my first company which is now Auxesis Group. I started my career as an engineer working for Ferrari. While I was in Italy I co-founded first Italian peer to peer insurance company called Darwinsurancee which was backed by AIG & ERV and later acquired by Esedra.
During my time in Europe Idea of Cashaa started taking shape due to on my own difficulties faced every day and getting ripped off in banking fee, negative interest rates and harassed when tried to use my own money. Cashaa builds out a Blockchain based financial product without having the users to understand the technical details of Blockchain technology. Cashaa, founded in 2016, has come a long way in a short time, and have ranked as a Top 100 Most Influential Blockchain Companies in the world.
Cashaa is not only one of the early projects in the Blockchain industry with a successfully tested product, we also have a highly experienced team with 200 years of payments and banking experience. My work done in cashaa was recognized by the United States of America who awarded me for Extraordinary Status (o1 Visa) for expertise in Blockchain technology.
First off, why did you decide to use the blockchain in building Cashaa?
What can the blockchain do that other technology cannot?
Cashaa had to be based on blockchain technology, as it enables for the first time to transfer value instantly, for free, without intermediaries, to anyone anywhere in the world, which could not have been imagined before.
What do you think is the biggest problem Cashaa will solve in the financial sector and why is it important to solve?
The biggest problem Cashaa will solve is the huge inequality in the financial sector, with 3.5 billion people being unbanked or underbanked with limited or no opportunities to participate in the global economy, while the other half of the population also has its problems with existing financial services. International money transfer comes with a number of difficulties, including complicated, long processes, high cost, intermediaries triggering higher exchange rates, weak counter-party risk checking, bureaucracy and extensive paperwork.
It is important to solve these problems now as today, with cryptocurrency, we for the first time have the necessary tools. Companies like Cashaa which are at the forefront of this new technology are able to make it accessible for everyone with customer-centric, easy to use solutions, and therefore we also have the responsibility to make use of this chance and change the lives of billions of people for the better.
Correct me if I’m wrong but remittances in Cashaa work by linking cryptocurrencies and fiat.
In this case, do you have a built-in exchange where traders buy and sell cryptocurrencies on the Cashaa platform or do you trade directly with other exchanges like Coinbase?
Cashaa has a built-in exchange where traders trade cryptocurrencies across the globe without the hassle of international payments to the seller. We have already beta-tested this exchange and had traders from 141 countries in 97 different currencies registered. These traders receive local fiat currency in exchange for selling and buying cryptocurrency.
Coming features include portfolio management services which enable market analysis, allowing users to share insights on markets, display their achievements and receive trading signals. Cashaa, therefore, lowers barriers to entry in the growing FX trading market for cryptocurrency and is attractive for both experienced and new traders.
Traders can also buy and sell cryptocurrency which is not available in their local country’s exchanges, for example, users in India can buy XRP, LTC, NEO, OMG in their local INR. This innovative feature will bring balance in the entire crypto ecosystem and lead to a systematic growth of cryptocurrency across the globe.
An interesting part about Cashaa is the role of artificial intelligence in the platform.
Can you explain more about what AI does in Cashaa? What benefits does AI bring to the platform?
We see a huge potential in using AI through our partnership with Agrello, which will enable us to include legally binding self-aware contracts based on the blockchain, which together with Agrello`s identity and digital signature enables fast and secure contract conclusion. This will lead to efficiency gains in decentralized trading and microfinancing where the cost of engaging in a business relationship and writing agreements is high compared to the transaction value.
Cashaa will have biometric systems implemented in the CASConnect tier of the platform.
What was the reason behind implementing this step? Can you explain how the biometrics system work?
We will include the option to get biometric verification, to include undocumented parts of the population. Biometric verification such as with fingerprints, iris scanning or voice recognition is also an overall trend in financial services these days, as it provides both the required security and a fast and easy process of onboarding.
Cashaa has developed partnerships with other blockchain startups in the scene like Auxesis Group and Qtum.
Why do you think it is important for blockchain startups to start working with each other instead of being fierce competitors?
The blockchain space brings countless new opportunities worldwide, that the comparably few companies in the industry can find their niche and do not have to compete against each other yet. Instead of building everything by themselves, startups in the blockchain industry are looking for how to complement each other, saving their own time and adding more services faster.
We also have our own entrepreneur initiatives, which we reward from our entrepreneurs CAS token fund, which aim exactly at entrepreneurs finding such synergies, building new products and so enhancing our ecosystem.
We think it is also important to work with existing systems, as they are what the end user trusts in, so they do not have to learn anything new, but can use the same services they are used to, but receive the advantages we are providing.
Editors Pick: Cashaa ICO
Individuals send and receive money around the world almost every second, making it an extremely important industry in the financial sector. A huge part of global payments is made by transferring money to family or friends across the world especially by individuals who work overseas. This type of payment is
Speaking of partnerships, what other partnerships are you planning to develop in the future, if any?
We have several partnerships in development with Asian and African banks and other institutions to ensure a successful last mile delivery to local bank accounts, prepaid cards and other ways to cash out at a convenient location. Further partnerships include agents running traditional MTO networks for the Western Union, MoneyGram or Ria, as well as leading global telecom companies for mobile banking products and e-commercial platforms for payment providers.
In the blockchain sphere, our further partners include Auxesis Group for the AuxLedger which has 53 Million users resulting of a State Government partnership, as well as crypto wallet providers such as Airbitz to provide our users with one of the most secure and trusted wallets, and access their existing user base.
How does microfinancing and credit scores work in Cashaa?
Microfinancing and credit scores will be based on our CAS token. Token holders will be able to access instant loans at low-interest rates compared to non-token holders, and will also be able to give loans. Through earning or buying CAS tokens, users improve their creditworthiness. They can also sell or donate their CAS tokens to other users directly, thereby improving the receiver`s credit score and losing their own. The more CAS the borrower owns, the better the loan conditions.
Borrowers can earn CAS as a reward for paying back loans in time and fulfilling any conditions, which improves the credit score of low credit rated individuals and small businesses anywhere in the world. Users can also vouch for others with their own CAS tokens, and get rewarded together with the borrower it the repayment criteria is met.
Advantages for lenders in addition to receiving paid interest rates include the opportunity to earn CAS tokens by providing loans as a reward for their risk.
To ensure transparency, users’ credit score will be available online, and in case anyone fails to fulfill their duties, the provided CAS tokens are confiscated by the smart contract.
What has been your happiest moment so far working on Cashaa?
On the flipside, what has been the most painful, or perhaps the most regretful decision you’ve made with Cashaa?
The happiest moments are when we see how much we are appreciated by the community, and how we are aspiring entrepreneurs worldwide – for the past more than half a year, we due to the community appreciation we are each week ranked among the Top 100 Blockchain Companies, most recently at place 35. Over the past weeks, we also saw a huge enthusiasm for our new CAS token, with numerous positive, detailed reviews of our Token Generation Event and overall project. We also frequently get approached by people all over the world who want to add new services to our platform or who want to join us as local managers to bring our services to their country.
What has been the response from your beta users about the Cashaa platform?
What were the things they liked and didn’t like about Cashaa?
Users were most attracted by the low fees and the market-leading exchange rate, and they also liked the comparably fast delivery of only up to 24 hours and the opportunity to earn a reward for each new user they bring.
What is Cashaa’s plans in growing the platform as well as acquiring users in less developed regions such as Africa or South East Asia?
Following the conclusion of our beta test in UK, India, Nigeria, and Indonesia, we are now preparing our commercial launch in the same countries for Q1 2018 and will step by step add more countries. In the same quarter, we will launch a multi-currency crypto exchange in India to meet the growing demand for different cryptocurrencies there, and in Q3, we will launch Cashaa cards in India, as well as establishing local payout points in India, Indonesia, Philippines, South Africa and Nigeria to serve cash-based societies and reach remote areas.
In parallel, we will grow the platform also with adding more major cryptocurrencies and so attracting more traders, as well as adding new services and establishing technology partnerships to ensure our services are the most advanced and usable in the market.
Are there any future developments for Cashaa other than the services currently offered?
Could we perhaps see things like payment merchant services/ payment processing or insurance services in the future?
Yes, we are currently building the world`s first network where users can store, spend and transfer money to anyone in the world through our wallet, to any card (including cards issued by traditional banks). In this way, we are making whatever you have in your Cashaa Wallet as liquid as Cryptocurrency, transferable anywhere in the world, including users who only understand money in their traditional form.
Our users can not only spend or withdraw cash from our Cashaa Wallet but also send it to anyone in the world in the card network, which currently no product has achieved so far. We started with remittance, solving a large problem, but the advantages of Cashaa’s system are endless.
One example is peer to peer lending, wherein the same way, cryptocurrency will be in the background and therefore making our service truly inclusive.
Why did you make the choice to use the CAS token as the backbone of Cashaa?
Bitcoin, which we used during our beta test, is not suitable for the requirements of the payments industry, but we had chosen to start with it as it is still the most popular cryptocurrency, with most cryptocurrency traders still being Bitcoin traders, so we could quickly get a lot of traders involved and so easily test our services. However, I soon after starting Cashaa had the idea to later create our own cryptocurrency which we can tailor to our services and better attract customers, such as with rewards systems. Also now as we will launch commercially, it was required to create a system that can keep up with the requirements of the financial services industry from a technical and legal perspective.
Can you also explain more about the process of planning and designing the CAS token to specifically fit in Cashaa’s ecosystem?
The first use for CAS token was to be used in the same way as Bitcoin today is used, in the background of any transfers. Then as we moved from being only a money transfer provider to become a comprehensive financial services platform, we designed our new services based on CAS tokens.
Step by step, we developed the following functionalities: Access to premium membership services, such as Higher FX transfer limit, ATM withdrawals, transfer and exchange of an unlimited amount of money, microfinance and credit score as outlined before, the opportunity for CAS token holders to create smart contracts for trading, as well as the opportunity to participate in our governance mechanism.
What do you think is the biggest challenge or obstacle Cashaa will face? How do you plan to tackle that challenge?
The biggest challenge is that irrespective of how long you have been around, there is always the challenge as a startup to not have the reputation of an established company, especially in money transfer, where people prefer to pay fees compared to using a service they don`t know. That`s why we have decided instead of only targeting money senders directly, to target them via partners such as local shops whom they trust. To these partners again, cryptocurrency is new, so although not as difficult as targeting the end user, as they frequently heard of it already, it also takes a while until they fully understand your service, have seen enough test transfers and are ready to offer your service to the end user.
With Cashaa’s incredibly low fees, are you confident enough about Cashaa’s business model in sustaining the platform’s growth?
Can you also explain why you think that way?
Yes, charging very low fees such as the 1 $ flat fee for money transfer is a key to make our services accessible for everyone and is also one of the differences which make us stand out from others. As it is only one source of revenue for Cashaa, it is sustainable from a business perspective. Our upcoming services such as card payments, microfinancing, and p2p insurance represent new sources of revenue, furthermore, every new cryptocurrency and every new corridor we add leads to new arbitrage opportunities, which is why we can offer fees as low as 1 $.
Moving on to more personal stuff, what does a typical day in your life look like?
My day usually starts at 7am, taking initial follow-ups, then I start my office day from 9.30 to make calls and have meetings. Then for the past couple of months, most of the time I have spent with preparing our token sale, as well as with setting our roadmap, building the required partnerships with institutions in Africa, Asia, and Europe, and building a strong team. Currently, I am fully focused on the ongoing token sale, including any marketing and technological processes.
Can you express one personal opinion of yours about the blockchain? It doesn’t matter if it’s negative or positive, we just want to hear your thoughts on it.
Blockchain technology should just be seen as a tool, people should not get excited about the technology, as what matters instead, is the fact that it is solving real problems. People should, therefore, focus on the problems they want to solve, whether it needs a blockchain or not, instead of thinking the other way round and trying to find something where they can use a blockchain.
Finally, what other personal goals (besides your career) do you have in life? Is there anything else in life you want to achieve?
I am passionate about changing people`s lives who have been left out of the traditional system so far. I see it as our responsibility to use all our tools available – Blockchain is one of them, and I am doing my best with it, but I am also excited about any new technology which can revolutionize people`s lives, and how to combine them and create a real impact. It is not any particular technology which counts, but whether they have a noticeable impact, and how we can best combine and optimise them.
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