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 known as remittances and is estimated to be a $600 billion dollar industry.
The big problem with sending large amounts of money across countries is that it is extremely expensive and time-consuming. To put it in perspective, remittances usually cost 6% of the total money sent and can go up to 12% in some cases.
An individual sending $1,000 to his family in Africa may potentially pay up to $120 to do so, an amount that is ludicrous in today’s modern world. This situation is happening every day and alternative options like Western Union or PayPal are not solving the problem well either.
This is the problem Cashaa is solving right now.
Cashaa is a revolutionary blockchain-based financial platform designed to improve peer-to-peer remittances across the world and they’re doing it extremely well without involving their user in any tech complications of Blockchain or cryptocurrencies.
Cashaa’s wallet system will include a full suite of digital financial services which enable users to save, spend, borrow and even get insured, in an intuitive and user-friendly interface.
With the Cashaa wallet, FIAT stored in the wallet’s account move faster than cryptocurrencies and can be transferred to any card in the world, including cards issued by traditional banks or fintech startups.
Another extremely interesting feature of Cashaa is that users can tokenize their cards to store it in devices like smartphones and even smart watches; this way, Cashaa allows you to make transactions without the need for physical cards.
Led by Kumar Gaurav, the platform’s CEO with plenty of experience in the blockchain sector under his belt, Cashaa is set to deliver a much-needed aid to today’s outdated payment systems.
The Cashaa team is comprised of the best, brightest and most passionate people in the industry who share the same vision of making financial services available to everyone.
To make things even sweeter, Cashaa’s team has the rare accolade of having more than 200 years of combined experience in the payments and banking sector with former executives from Fortune 100 technology companies and well-known institutions worldwide making up the team.
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.
A user who owns a Cashaa wallet account gains access to financial services like directly receiving his or her monthly salary, keeping their savings in fiat or cryptocurrencies, buy goods and services at online or physical retailers worldwide, and even transferring money across borders in only a few minutes.
The process is even simpler for receivers.
Receivers receiving money from Cashaa remittances receive their money just like how a normal person would receive theirs – directly to their bank account.
These are just some of the key features of Cashaa that will definitely be updated in the near future.
Cashaa also links cryptocurrency markets and the foreign exchange by matching fiat senders and cryptocurrency traders. By doing this, Cashaa allows individuals to send money all over the world for fees as low as $1.
Traditionally, remittances work based on the currency you’re sending in and the currency of the payment’s destination.
For example, money sent from the UK to India happens by trading GBP to INR which gets expensive once you factor in all the fees associated with the transaction.
Cashaa is also bringing more liquidity to the crypto trading market very uniquely and intelligently. Going with the GBP to INR remittance above, the platform matches your payment request by first finding a cryptocurrency trader who wants to sell bitcoins in exchange for GBP.
Then, the system will find another trader who wants to buy bitcoins with INR which completes the conversion cycle. Finally, the already converted INR will be sent to the receiver almost instantly with very, very low fees attached to the transaction.
This is an ideal situation for both consumers and traders as consumers are satisfied because there will always be demand from cryptocurrency traders for their money which leads to low transfer fees. In case a trading pool does not have enough liquidity, the system is connected to the payment processing network which settles the transaction.
Meanwhile, traders have access to a global market with unparalleled liquidity and trading opportunities for them. Like consumers, traders will also have constant demand as remittances happen every day regardless of the economic situation.
The CAS token is the token of choice for Cashaa’s platform which will be used for other financial products like micro-financing, determining credit scores, trading, and access to premium services within the platform.
Here are the details of the upcoming CAS token sale:
Token name: CAS
Token base: Ethereum (ERC-20 compliant)
Token supply: 510,000,000 (on sale)
Token sale duration: 6th of November, 2017 – 5th of December, 2017
Minimum amount to bring the product to market: $2,500,000
Token exchange rate: $0.10 = 1 CAS (tiered bonuses available)