Thank you to everyone who joined our AMA with Satoshi Club last
Saturday, 19th September
Questions from the Satoshi Club Team:
Q1:The website says that services are only available for companies registered in the UK and Europe. Are you planning to expand your service area?
A: Firstly, Cashaa is a neobank that includes the following live services so far:
UK current account
EUR IBAN account
US current account
Online payment processing
Debit and Prepaid Card issuance
FX and crypto liquidity
We are solving one of the biggest problems of the crypto space, the lack of crypto-friendly banking services. Our main offer is the UK current account, EUR IBAN account, and US current account – these 3 accounts are available for businesses worldwide, except for sanctioned countries.
Our online payment processing and the debit and prepaid card issuance are only available for companies registered in the UK and EEA. If you don’t have a business from this area, we can register it for you, e.g. in the UK, Estonia, Malta, Cyprus, or Gibraltar.
Is it a very necessary solution for today to combine crypto and banking systems?
A: Yes, that is another advantage – having come from the crypto space ourselves, we understand the pain points and have built Cashaa with that in mind, what a crypto business needs, and combining traditional banking with crypto.
Does it include only European Union countries? EUR IBAN?
A: EUR IBAN accounts are also available for businesses worldwide, except for sanctioned countries. So if you live in a non-EU country or your business is from a non-EU country, you can apply for this account as well.
As you mentioned international expansion earlier, another point:
In 2021, we want to expand in the US and India. We already started issuing USD accounts regulated by the Banking Division of Colorado, to our existing business clients as beta users. Crypto brands who already started to use our USD accounts are Nexo, CoinDCX, Unocoin etc.
Concerning India, we are already the largest liquidity provider and providing offshore banking to most of the major crypto exchanges. We are now planning to launch a neobank to start crypto-friendly banking in India regulated under the Reserve Bank of India. So, while we are already available worldwide, we are ongoing working on adding more products and services to become even better.
What advantages will my business get from this account?
A: Our accounts include all the features that you would get from a traditional bank account – without getting judged based on the industry you’re in. Traditional banks and other challenger banks would decline your application.
If you are involved in crypto, that is the reason we exist, to provide a crypto-friendly alternative. With our accounts, you get all you need to smoothly run your business.
Here is more information on each account:
EUR account: https://cashaa.com/euro-current-account
USD account: https://cashaa.com/usd-current-account
GBP account: https://cashaa.com/UK-current-account
India, it’s great but what about rumors that India wants to ban crypto? Or is it just speculation?
A: Speculations have kept coming and going for a long time, and in earlier years it was the same with other countries, so the current situation is nothing new. Eventually, nearly every country in the world over time has become positive and constructive and doesn’t ban it.
Q2: I see that your regulatory approval for the Integrated Banking Platform is being delayed and the launch of Cashaa Banking Platform (India) is being moved to 2021. What are the issues that lead to the delay of this regulatory approval and also the postponement of Cashaa Banking platform (India) to 2021?
A: There are actually no issues, it is a normal process that such things can take longer than expected. We do actually have a few milestones upcoming earlier:
We so far used regulated partners that were issuing the accounts, e.g. FCA-regulated partner EMIs in the UK. We have been able to move ahead so now in October, we have new accounts coming up for GBP and EUR, new USD accounts in November, and personal accounts afterward.
How long does it take to get a license? On average?
A: This can vary, it can take a year for example.
In our case, we didn’t want to wait, but we as early as possible launched the business accounts. We used partners and were already able to launch with them more than a year ago, starting with GBP accounts. Then earlier this year, we added EUR accounts, and most lately, USD. In this way, we are already helping many businesses get banked, and only need to move them to new accounts later.
Can you disclose how many business accounts are using Cashaa now?
A: We already have around 2000 business signups and hundreds already using our services, be it a business account or one of the other services. In the last 11 months, we had hundreds of crypto brands using us to run their banking operations, while serving more than 250,000 individuals worldwide through 200 corporate customers.
Q3: About partnerships, could you tell us which ones are active and what are the advantages of going to be from those and any big partnership?
A: Our partners include PaySafe Group and financial institutions regulated by the FCA, Central Bank of Lithuania, and Federal Reserve. These partners have trusted us to on-board our customers.
Q4: Is Cashaa a service that can be useful for remittances and sending money to family members?
A: Yes, it can be used for that as well. While our main focus is on business banking, we will launch personal accounts as well. Until then, as our accounts also have a crypto wallet, you can just send crypto from individuals to individuals.
So, I will have my personal account and how will it work?
A: Our personal banking will come at the end of November. So far, we have been focused on business banking.
Q5: How do Cashaa AML and Compliance systems analyze the transaction models in Multisig wallets? How does the system report suspicious activities?
A: We are using blockchain analytics and AML tools that are using over 200 algorithms and risk analysis scenarios, and create a risk score for each transaction. e.g. allowed, flagged, and not allowed. From a certain level on it is not allowed.
Did you have any attempts to cheat the system?
A: Every address and every transaction is going through these checks, and there is always a risk score.
By the way, what is the total Supply CAS?
A: The total supply of CAS is 1 Billion CAS.
Q6: In these days of DeFi and ERC-20 frenzy, it is strange to see a project moving away from the ETH network. What were the reasons for that full swap from the ETH chain to the Binance chain?
A: Last year we moved to Binance chain due to its speed and low fees. Binance, back then also had more businesses moving to it for the same reasons, and seemed overall more business-friendly, aiming to create a startup community around itself, which was another reason.
Understand so, that was a full swap, you didn’t leave any tokens on Ethereum network?
A: Anyone who still has old tokens can contact us to get the swap instructions.
10 Open chat questions from Satoshi Club
Q1: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
A: We saw the big need for crypto-friendly banking services as we ourselves started as a crypto business and knew how hard it was, and how every crypto business around us was in the same situation. traditional banks will decline your application, and existing accounts keep getting canceled. So, we decided to focus on banking, bringing banking to crypto and other innovative industries.
Q2: What are the team’s orientation and development plan for 2020 in the DeFi region, why do you think DeFi, this immature term, has a future? What results do you expect to achieve?
A: Yes, we do have plans for DeFi as well – as the first crypto-friendly neobank, who other than us as the right experience from all the past years, to now provide compliant DeFi services lack of compliance is one of the existing issues in the space, and we can fix that – make sure you join our news channels to stay up to date concerning our announcements in this area.
Q3: What is your long-term vision about the gaming industry which Cashaa is working on? Are you afraid someday there will be another project with more innovative technology that can replace Cashaa? Because we can see many crypto projects related to this concept recently.
A: We are banking gaming businesses as well. The large majority of our sign-ups are crypto businesses, but we have a few hundred sign-ups from gaming and gambling as well.
Q4: What is the future roadmap of Cashaa within this year?
A: In the rest of 2020, we will launch our new GBP and EUR accounts in October, USD accounts in November, and eventually personal accounts.
Q5: What will be the benefit of holding CAS token in the future?
A: CAS utility:
The current live utility of CAS:
– Enhanced due diligence fees of 100,000 CAS for business accounts
– Discount on exchange fees through our wallet.
Future, additional utility of CAS:
– Discount on all banking transactions
– Cheaper international transfers
– Discount on exchange fees of fiat and cryptocurrencies.
Q6: Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?
A: We can help you open a new company and get a license in crypto-friendly jurisdictions in the EU and elsewhere. Most notably, FCA registration or authorization, and Estonian crypto license.
Q7: What kind of unique features does Cashaa have over its competitors on the market? How do you plan to increase the demand of $ Cashaa tokens in the future?
A: Compared to traditional banks and other challenger banks, our main advantage is that we are able to bank crypto businesses.
Compared to the few other crypto-friendly institutions, our advantages are that we are focused on business banking, that we provide accounts in 3 currencies so far – GBP, EUR, and USD, our affordable fees, the ability to manage both crypto and fiat, and overall the amount of products and services that we provide, a one-stop-shop for all a business needs.
Q8: Does Cashaa support a staking or mining program?
A: Yes, we have a staking programme of 100,000 CAS to allow personal users to get access to crypto-friendly international banking.
Q9: Is there a plan to issue special cards for Cashaa users, like traditional banks?
A: Yes, and we also offer a card programme:
Our business customers can have their own branded cards to issue to their customers.
Q10: How many Cashaa offices are scattered in the world for people to ask and consult?
A: Our headquarter is in London. We also have partners around the world that can help you get onboarded and answer your questions in-person: https://cashaa.com/business-account.