Cashaa is a unique wallet built on the philosophy of decentralization to bridge the gap between old and new money. Some of the fundamentals on which Cashaa’s personal accounts are developed include:
- Your keys, your Bitcoin
- Full AML/KYC to prevent wrongdoing
- Ability to store and spend crypto and fiat
How is Cashaa different from other crypto wallets?
There are usually two kinds of wallets, centralized and decentralized. In a centralized wallet, you don’t have access over your bitcoins (no private key), but usually, they offer services such as instant sell/buy Bitcoin, Bitcoin card or no transaction fee. (Example: Coinbase, Xapo). A decentralized wallet is a wallet where you have full access over your bitcoins (you get the private key), but without many services and no AML or KYC checks because it’s decentralized. (Example: Electrum and Mycelium).
So, which one is better for you, centralized wallet or decentralized wallet? At Cashaa, we solved this puzzle for you and made sure good people do not have to worry about it anymore while discouraging bad actors to leave crypto or at least not use Cashaa. At Cashaa, you are the owner of your crypto and you hold the encrypted private key, which means you are not exposed to the problems which centralization brings such as scam deposits, company bankruptcy, hacks, employees stealing, or sometimes the founder’s death. At Cashaa, only you can unlock your wallet with the key you have. Cashaa as a service provider has no access to your keys, and transactions are completed by the owner of the wallet. Cashaa does not act as custodian to your coins. As a new age bank, we believe in decentralized money which can work borderless without friction with the existing banking system. Cashaa employees or even the CEO is not authorized to ask your private key to do a transaction. Remember, Your keys, your Bitcoin.
Now let’s see what makes Cashaa Wallet unique for you?
- Multisig Address — Cashaa provides you multi-sig addresses so multiple keys owned by separate entities are needed to move the bitcoins in an address. The first key is given to you decrypted with a password so that a camera or spyware can’t copy your keys. The second key is decrypted with your password to sign the transaction when you initiate it from your Cashaa account. The third key is stored with Cashaa, to sign it after you initiated a transaction and passed all the AML and compliance laws. Cashaa creates ⅔ multi-sig, where you hold access to two keys and Cashaa has one key. In case your one private key is leaked, it still will not affect your account, as one signature is not enough, but in case you lost both the keys we will also not be able to help you, for the simple reason that we do not have control on your coins. To retrieve the crypto funds you have to have access to any one of the following 1. Your account password (which is used to decrypt your encrypted key) 2. Your private key file. For additional security, app-based Google 2FA is compulsory which stops transactions in case your password is leaked. Currently, there are a few companies that are providing user-friendly multi-sig addresses for day to day use, such as BitGo, Bitpay, and Copay wallet.
- Private key controlled by the user — Users using a muti-sig Bitcoin address or single sig address is given the encrypted private key to avoid copy attack. The conclusion is that users always keep control of their crypto. In the case of multi-sig, wallet users get the encrypted private key for the first address and the encrypted seed of the second address used in the multi-sig while the third key is kept with Cashaa. In the case of a single key address, users are given the encrypted private key. Ex: Electrum, MyEtherWallet, Metamask.
- Multiple cryptocurrencies supported — Cashaa wallet is designed to transact multiple cryptocurrencies on different chains to save its users from the hassle of installing or creating multiple accounts. Currently, you can store BTC, ETH, and CAS (ERC-20) with XRP, BNB, BCH, LTC, TRON, NEO, and other ERC-20 tokens coming soon. Now no more having separate accounts for your Bitcoin, Ethereum-based tokens or Ripple — all can be stored and spent from the same wallet.
- Onchain compliance and AML — Cashaa takes compliance rules and AML very seriously. Our mission is to bring the power of decentralization to the 99% of good people on the planet, but at the same time make it difficult for hackers, fraudsters, scammers, and not allow the use of our platform. We have developed a 3-level KYC system based on your needs and user level, while we also monitor each address that comes in contact with our users to understand the risk associated with the address. It’s very easy for people and companies to hide their details on the internet, leading to scams and ransomware attacks. In a traditional system, banks are able to protect you when you try to do something which is suspicious, but it is very difficult with cryptocurrencies. But thanks to Cashaa’s compliance and AML policies, we are able to protect our users 24*7. As we do not control your crypto, you are free to withdraw your crypto and complete the transaction through another wallet (not recommended). However, to build a better world and protect average users, this is important and vital for most of the average users.
- Fiat wallet with deposit and withdrawal from 200 countries —Cashaa wallet can currently hold GBP and Euro, which is linked with SWIFT, SEPA, and FPS payment network. Users from more than 200 countries can send more than 150+ local currencies as well as receive withdrawals worldwide in any bank account in their local currencies such as NGN, INR, CNY, JPY, BRL, CAD and many more. USD deposit and withdrawals will be launched by the end of 2019.
- Crypto purchase using credit and debit card — Cashaa wallet allows its users to buy cryptocurrencies instantly with credit and debit cards, all over the world except for the USA. Due to our efficient and integrated system, we are one of the cheaper platforms when it comes to buying crypto through the card, with limits as high as 100,000 GBP.
- Trade coins right within your wallet — Users using Cashaa wallet do not have to worry about missing the market highs and lows. You can buy and sell crypto within your wallet, without losing your control over it. Cashaa users can see the trade price of crypto and once you sign the transaction you will instantly receive crypto or fiat. This feature gives our users an integrated end to end simple and secure experience of investing in Bitcoin or buying it for real-world use. Your cryptos are with you, with the advantage of instant conversion into fiat which can be sent to more than 200 countries in your local currency.
- UK current account with Mastercard — Cashaa is a gateway to a full banking solution. Each Cashaa wallet is linked with a UK current account which can be accessed through internet banking within your Cashaa account. These UK current accounts are linked with physical and virtual Mastercards. You can send and receive international transfers, local payments or use it as your salary or savings account. UK current account features given by Cashaa are the same as bank accounts given by HSBC or any other bank. Due to our inbuilt linking of banking and crypto, crypto in your Cashaa wallet is safe as a decentralized wallet but at the same time allows you to convert into fiat and spend it anywhere in the world through your Mastercard in local currencies. Preregistration for this feature will start on 13th May at Consensus 2019, with the expected date to launch in Q3 2019.
Welcome to the new era of banking, where crypto and fiat will go side by side complementing each other without compromising the AML and compliance of existing banking as well as the emerging concept of decentralization with cryptocurrencies. Cashaa brings the best of both.
If you are interested to use something better than your existing bank, open your Cashaa account today.
The Cashaa Team
The Next Generation Banking Platform