Thanks to all who joined our AMA on Sunday and submitted their questions. Kumar started by answering the questions below, before answering live questions.
When will aggressive marketing for INR begin?
We are expecting to start Coinmarketcap ads around 7–8 December (the official date to start marketing is 16 December). We will target Coinmarketcap visitors from India, informing them about the new and straightforward way to buy crypto with us.
We have acquired a decent user base in India, whose active feedback made us confident that India is a big market that can not be ignored. We are currently in a very good position when it comes to the Indian market as we are doing something unique that no other player in India is doing. We are also building an API to provide liquidity to other exchanges and OTCs in India.
How does Cashaa ensure safety and security?
We never take custody of any crypto. Cashaa never has any private keys to access any tokens, which removes us from the discussion around the issues other exchanges are facing of whom we frequently hear about hacks. Also concerning customer data handling, we are following the regulated banking partners’ standards.
What is the utility of CAS?
Please check the details on the CAS token utility for business and personal users on the CAS token page.
Getting a banking license in some countries is very difficult. Does Cashaa encounter any difficulties?
Getting a banking license is not only difficult but requires a lot of bureaucracy, capital, and many other requirements. Having seen during 2019 what the challenges are when making a product live, our experience also includes insights into how to deal with a major regulator, the FCA. We started discussions in various other places, aiming to replicate our UK model with different regulators and banking institutions.
Can you provide more background details concerning Binance in India? Please compare the contrast what Binance is offering vs Cashaa.
Let’s quickly go through it and see how the system works to compare it directly. The number one difference is that Binance offers Indian users to buy USDT, you can not buy anything else. You pay with a bank transfer, buy USDT, in a peer-to-peer USDT-INR system. As it is peer-to-peer, you depend on the sellers’ availability. The maximum available USDT to sell during the time of the AMA was 7,500 USDT, roughly 1 BTC, and if you look at the premiums, there is a premium of 6.24 %, to buy with limited liquidity.
While at Cashaa, users can buy any amount instantly at 3.5 % only. Users do not depend on any seller, and soon, we will cut the prices lower as our volume is growing. We will also add USDT shortly for our Indian users.
What about the number of businesses onboarded for GBP and USD accounts?
For USD, we are in process to onboard 3 companies now, including Circle, one customer from Estonia which has been our customer already, and a brokerage firm.
On the GBP side, our speed has been doubled, thanks to our pre-compliance team, and thanks to our additional banking partners. Any new EMI (e-money institution) will take a few weeks to adjust to the process and start producing results. We are estimating that from 2020 we will able to on-board 3–5 companies every week.
What’s Cashaa’s USP (unique selling point) against other businesses such as Binance and Paycent?
Please go through the website, we are not only an exchange or a payment processor. We are a banking aggregation, focused on providing banking services, with crypto features.
Are you looking to expand into APAC markets like Singapore?
We do not see a reason to go to Singapore directly, as Singapore businesses are already banking with us, but we are in conversation with a Singapore bank to include Singapore Dollar into our product offer.
Can you give some insights on the US, UK, EUR regions on regulations for crypto business other than KYC and AML?
The regulation depends on the state, but in any case, you have to register with FinCen. In the UK, as crypto still is not regulated there, only a strict AML/KYC policy is required that is implemented into their day to day activity.
How many stolen CAS have so far been recovered or confiscated by the swap process?
Once the swapping process is completed, we will go through all the cases, so far it would be roughly 8 Million CAS tokens.
If crypto gets banned in India, how will it affect Cashaa?
Especially following the most recent events, we do not believe that crypto will get banned in India. India will continue to be a major market for us, even in case it gets banned, it cannot be declared illegal overnight, but there would be a reasonable time given to convert. Still, a move to ban crypto is not in sight. Instead, there would need to be a proper process, reporting mechanism, and taxation.
When there were rumors of Venezuela or Russia earlier apparently trying to ban crypto, it rather were individual politicians or individual bodies making statements creating fear, and media picking up and creating FUD. The same is happening in India. It is not illegal to have crypto in India.
Also as the very nature of crypto is not physical, the whole power of it is that anyone can cross borders with crypto without it being found. Crypto is all about mathematics.
When will multiple staking from a single account become available?
You can only have one staking per account, as CAS is a utility token linked to the product. Multiple stakes would imply staking for the sake of profit only, which therefore we can not enable.
Was Cashaa be able to block and recover any more stolen coins other than the 20 million initially mentioned before the swap vote?
We have overall received reports of around 46 Million tokens that have been lost. There are multiple cases reported to the team, we will see how many are legitimate after 25 December.
Aren’t you spending too much energy on things that matter only for a few?
As we have limited manpower all the logic has been written in the code, so every time the code itself checks if tokens came from a reported case.
The team is focused on the banking side, where we are receiving an increased amount of applications for our business accounts, and we are also strongly focusing on India and our relation to exchanges there. Any token issues are handled fully by our customer support and do not require any main team members.
What about your timeline for EUR deposits and will they be customer-to-business deposits as well?
We can start any time with EUR deposits and are planning to do so in December according to our roadmap.
What about personal users having staked CAS to get early personal accounts, how many people have staked?
157 users have staked so far, with average staking of 623,596.6425 CAS. We can directly check the latest numbers on the Binance chain how many people have staked.
Can Cashaa prioritize the mobile app and integration of the turnkey solution with the mobile app?
Please contact me via email about this.
Are you planning a new exchange listing?
No, we are not planning that at the moment.
What about VC funding?
We have removed VC funding from our latest roadmap, as we now have a good revenue from our Indian business now and with 90% likelihood in the next 2–3 months we will be able to become a profitable startup. VC funding will still remain in our roadmap but not as a priority and would be used for marketing support for global expansion.
What about USD personal accounts?
We do not have these on the roadmap yet, we only have GBP personal accounts with Enumis as planned still on the roadmap.
How many users do you have in India?
Roughly 2200 registered accounts. Most active accounts seem to be brokers who have created a Cashaa account and are selling BTC P2P. Now we need to raise awareness of the advantages of Cashaa compared to buying on peer-to-peer with a higher premium.
What about the DEX integration?
It is still planned in the next quarter. With all other integrations such as for our USD accounts and our India offer, we are focused on building CAS utilities and having them tested. Users who want to buy tokens can already do so, but having business adoption is more crucial, which is why we have put these steps first, ensuring our product first, noise later strategy.
Why is buying BTC through credit card disabled?
Credit card purchases require additional compliance and monitoring. Having a small team we do not want to use resources for that but focus on the business onboarding.
There are many solutions available in the market, some of them are our customers for the same and it’s not a pressing issue that would need to be solved.
Your Cashaa Team
The Next Generation Banking Platform