Thanks to all who joined on Sunday to get the latest updates of all that’s happened recently.
The AMA started with a recap of our achievements in the past quarter, July-September 2019, which marked a number of milestones.
July-September 2019 Recap
We have launched our multisig crypto-wallet with a UK current account and MasterCard, which quickly became highly popular, with over 700 business sign-ups so far.
We have onboarded 30 businesses and rejected 46. To improve this rate and to speed up the onboarding, we have formed a pre-compliance team to work with the clients and make sure applications are complete. As UK banking and regulations are getting more tight such as seen in the recent shutdown of Coinbase’s Barclays account, we are expecting an ongoing high demand.
Cards processing and turnkey solution development is completed and is being tested now.
We have moved our CAS token to Binance chain, our staking program for personal users has started, and we became the first crypto-banking start-up to provide banking services focused on businesses.
Most importantly, Cashaa started making revenue, having gone beyond the speculation stage, which is very crucial for any start-up, and with CAS providing a real-world utility now.
Focus on revenue was also a reason to start with business customers first and only offer personal accounts later. However, to balance that, we introduced revenue sharing with personal users who are participating in our staking program.
We have also just distributed the first rewards to the staking participants, after we have collected 3,076,407.20 CAS between June and September 2019.
5% were burned (153,820.36 CAS), and 15% were distributed (461,461.08 CAS).
You can see the details of each participant’s rewards here.
Our program enables users to stake on the Binance chain with any plan, and overall up to 10 Million CAS:
- Smart Value: Starting from 50,000 CAS – 500,000 CAS (coming soon)
- Premier: 500,000 CAS – 1 Million CAS (coming soon)
- World Traveller: 1 Million CAS – 10 Million CAS (live)
We are open to receive recommendations on how we can improve this program to make it more useful.
Our Goals for October-December 2019
- Increasing operational efficiency
Increasing operational efficiency, including automation of business processes, hiring new relationship managers in India and Europe, training new employees, outsourcing documentation as well as support and a few compliance tasks.
We have more than 600 businesses still waiting to get onboarded, and each account requires 100,000 – 1 Million CAS to get access to the required account limits of 1 Million – 1 Billion GBP.
- Bitcoin trading platform for India
We have announced the launch of a Bitcoin trading platform for India.
Access to crypto in India through banking no longer exists, but thanks to our partnerships, unique technology and access to banking networks worldwide, we are the first company enabling INR deposits and purchases of crypto in India up to 250,000 USD equivalent in INR/month, which is quite a big amount in a country where trading is currently stopped, while there are more than 5 Million crypto users with no other stable option.
We will enable this service for Indian residents who have at least 2,500 CAS in their Cashaa wallet. To be part of our current beta test, it is also required to have made a Bitcoin purchase in the past.
We are going to launch 21-25th October, around Diwali (Indian festival of prosperity and wealth).
- Providing USD bank accounts for businesses
Providing our customers and FDIC-insured account with online banking. Businesses not only from the US but also around the world, will be able to get a US checking account, with ACH and SWIFT enabled by Metropolitan Bank for crypto operations. Cashaa customers will be able to get an up to 80% cheaper monthly fee, no minimum deposit limit and higher interest rates compared to opening with the bank directly.
250,000 CAS will be required for the onboarding. Technical development is in progress, we expect to make the announcement in November.
- Enable EUR IBAN Banking
EUR IBAN banking for our business customers with SWIFT and SEPA transactions for all companies based anywhere in the world including the USA other than sanctioned countries.
150,000 CAS will be required for the onboarding, technical development is in progress, and we expect to make the announcement in November.
- Banking services for US customers
Banking services for US customers registered in any of the 50 states, with fees as per service in CAS.
- Card processing services
Business customers will be able to access the Visa, MasterCard and any other payment network for as low as 2.5% transaction fee, compared to 3.5- 8% which other providers are charging.
100,000 CAS is required to get the service.
- Crypto turnkey solution
Crypto turnkey solution for businesses, which includes card processing as well as the KYC and AML checks required, and with chargeback risk being on the provider side.
Businesses can start selling crypto on their platform using credit/debit card in just 5 minutes with zero fraud and chargeback risk.
A minimum of 100,000 CAS is required to activate the service, based on volume and chargeback ratio.
These are the 7 milestones to achieve in this quarter, and as each of them is related to CAS utility, they will also benefit our personal users as utility is increasing.
In the following, you can see a comparison of where we will be after the above steps, compared to two example competitors:
Onwards and upwards!
Your Cashaa Team