Thanks to everyone who joined the AMA and contributed to the Q&A Session. We had primarily focused on our roadmap and related questions in this AMA.
A lot has happened since we enabled Indian residents to buy crypto with INR. With our press release, which has been picked up by the media, we have received over 1400 KYC submissions so far, without having done any marketing.
We have also received feedback from our community related to price and speed, which we have considered and would be quickly implementing the same.
Agenda for this month
- An updated website, including our new roadmap with our partners and services.
- We will focus on technical, compliance, and usability updates of our INR wallet.
- Launch of our USD banking.
What about the deadline for the CAS swap?
We have taken the opportunity of the swap to enable those who lost their tokens to potentially recover them. For this to be possible, there needs to be a deadline, which is 25th December. We have given 3 months to do the swap without fees and once more extended to 16th October. If you have been charged a fee for swapping after 16th October, we will refund it. However, there will be a fee for transactions after 31st October. For the token release schedule, see here.
What do you plan to increase trading volume?
We believe in building the right product, and our team focuses on bringing volume from adoption for the long term sustainability of our ecosystem.
A few milestones in this quarter:
- Constantly improving our pre-compliance knowledge base to have a complete application before it goes to the FCA regulated compliance team. The onboarding rate is doubled but still the bottleneck pipes to GBP core banking.
- To speed up the onboarding of our existing customers for UK current accounts, we are partnering with more banking partners to open accounts through Clearbank systems for the GBP account. It’s like having parallel pipes to enable crypto companies to access to UK banking.
- Adding EUR and USD banking to attract more businesses from crypto and non-crypto space.
- Opening up the Indian retail market aggressively with our INR wallet (5-6 Million crypto users). As soon as our team is ready with the implementation of the suggestions received after our launch in Diwali, we will start marketing this product.
What about linking the Cashaa wallet to the Binance DEX?
It will be done in Q1 2020.
When is US Banking going live?
Our partnership with Metropolitan Bank is finalized. We already started testing the system with a few customers who paid the onboarding fee in CAS, which can be seen in the Binance explorer. We will make the announcement by 15-20 November, and will onboard those who have been waiting. Each business will need 250,000 CAS tokens as an onboarding fee.
If you try to open a business bank account with Metropolitan or other US banks, you need to have between 500,000 USD and 2,000,000 USD in deposits to maintain such an account. This is one of the reasons why only big exchanges have bank accounts in the US, whereas in our case the minimum is 25,000 USD and part in CAS based on the limit required. For information on the amounts to be held in CAS tokens, see our fees and limits section.
How many new customers have been onboarded?
For our INR wallet, we have roughly 1400 customers, of which around 800 have been KYC’ed and started transacting. On the business side, we onboarded 6 new companies for UK banking. We are partnering with more banking partners to send applications in parallel and have more accounts opened.
Concerning EUR banking, the progress is also on track, we will release more information soon.
In November, we will start USD banking, and in December, we will start EUR banking.
Concerning credit and debit card processing, we have onboarded 3 customers in the last week and are expecting an increase in this number soon.
What about KRW and YEN?
We have discussions with a Japanese bank, but none on the Korean side yet. We are planning to advance on both in the next quarter.
Can we reduce the INR deposit amount to 5,000 INR?
Yes, we can reduce it to 5,000 INR, while another possibility may be to introduce a temporarily free service to Indian residents. We will experiment with different options and are open to further community feedback.
Where are we with the crypto turnkey solution?
The crypto turnkey solution is live, one customer is testing it. Although it is going a little slower than expected, we are suggesting if you are a business looking for it, to sign up and get started.
What was the recent transfer of 97 Million CAS?
It is an investment fund that bought tokens during the token sale, but in smaller chunks, and they made the swap recently for all tokens from one account.
How many users in India do we have so far?
We have around 2000 users overall from India, including old and new accounts.
What about personal accounts?
We are still on track for personal accounts next year, which will be a new challenge as we first need to increase our operations and support team. The board decided to focus on solving the operational issues related to the business accounts and then build another operational team for support and sales next year prior to the launch of our personal accounts.
Can Cashaa create a mobile wallet with a turnkey solution to be used by any vendor?
We can discuss this internally, please get in touch via email.
Any development with entering the Cannabis industry?
We have been invited to Malta Week, including Cannabiz Summit, 4-5 November, where we will collect feedback from Cannabis businesses on how we can support them. We will also have a booth at Malta AI & Blockchain Summit, 7-8 November.