Thanks to all who joined today’s monthly community AMAs, in which we discussed what we will do with the CAS collected by Cashaa as fees.
First, let’s look at the utilities of CAS:
1. First, CAS is used as an onboarding fee for businesses. All high-risk businesses have to pay an onboarding fee to apply for our banking services, which is non-refundable if the business fails to provide the necessary documentation to get onboarded. You can choose to pay 1000 GBP or 1150 EUR, whereas if you pay in CAS, you will get a 50 % discount.
2. Fees paid in CAS to get you your required account limits, in affordable slabs suitable for small businesses. This fee can only be paid in CAS:
3. Exchange fees: Our fees for exchange transactions are 1.49 %, on which business users can get a 75 % discount if paid in CAS, in case of a minimum volume of 100,000 EUR, applicable on API trade or exchange trade. This will result in a net fee of 0.4% only.
4. Additionally, there will be complimentary services for those with an average account balance of 100,000 CAS/year:
- Free multi-sig withdrawal (regular fee: 0.1–0.2 % of withdrawal amount; compared to Bitgo, which charges 0.1–0.25 %)
- Turnkey solution for credit and debit card processing (regular fee: 1000 GBP; Simplex: 3000 USD)
- Banking payment automation (regular fee: 500 GBP)
- Staking for the personal account you require:
2. Exchange fees: We charge a fee of 1.49 % for exchange transactions if paid in GBP/EUR, if you pay in CAS, you get 50 % discount, with no minimum volume required.
Where to buy CAS?
You can buy CAS through your Cashaa wallet by depositing in more than 200 currencies (SWIFT, SEPA, FPS) or by buying directly through credit and debit cards.
You can also buy on various exchanges (HitBTC, Exrates, TopBTC, IDEX), however, Cashaa does not take any responsibility for purchases made outside your wallet.
CAS collected as fees — Thanks for submitting your ideas!
We have asked you for your opinion on what to do with the CAS we collect through various sources:
- Onboarding fee (businesses)
- Banking limit upgrades (businesses)
- Exchange fees (businesses & personal users)
Your answers included the suggestions to either:
- pay to stakeholders,
- lock for the company as a reserve, or
- use CAS for cashback.
We decided on the following plan, to be in effect from 1 July 2019:
25 % (in the first year, 20%) of the collected fees in CAS will be burned or distributed to personal users. The first burning and distribution will happen on 1 October 2019, from the fees collected between 1 July — 30 September.
In total, 100 Million CAS will be burned.
To access today’s presentation, see here.
The Cashaa Team
The Next Generation Banking Platform