Thanks a lot for actively participating in the Cashaa AMA held on 25th September 2019 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Cashaa
Please introduce yourself and also a brief about Cashaa's vision
Sure, My name is Kumar Gaurav, I am Founder and CEO of Cashaa, before starting Cashaa worked for BMW and Ferrari, then build an Insurance company in Italy backed by AIG. To know more about my past work and join me next conferences @ kumargaurav.com
Cashaa is solving the problem of banking in the Crypto industry.
Q1. Can you tell us the motivation and benefits for investors to hold the CAS token for long term? What are Team's plans to make Cashaa a top project on Coinmarketcap?
The entire crypto industry is underserved by banks. We have created a hassle-free experience for ICO, STO-backed companies, exchanges, wallets and brokers.
CAS is a token for global crypto friendly banking services which makes CAS as a solution to the biggest problem which every crypto company have today. The success of CAS will depend on the success of crypto in general. We just started the operations in August and in 6-12 months we expect to be the banking backbone of the entire crypto industry.
Q2. What is the progress of business development and what are some of your commercial partnerships?
Since the day we went live till now we are trusted by more than 700 Business who left ordinary banking for our next generation banking. The challenge which we are facing now are more on operations side and find a way to identity the good companies and onboard them
Q3. What is the main reason why you don't open Bank Account and you don't accept businesses which are dealing in Monero and any other privacy coins ?
We love to
But as we are trying to solve the banking issue which the entire crypto industry is facing, we have planned things phase-wise at phase 1 we have enabled banking for BTC, LTC, ETH, ETC, XRP, CAS, and BNB. As we move forward, soon we will enable more businesses who are dealing in more coins.
Q4. Considering that CASHAA is a token for Banking and real financial institutions, would it be able to meet up with the demands of 21st century businesses, what's the limit to which CASHAA can be pushed and is there a breaking point in the volume of transactions it can take
As such there is no limit in terms of number of transactions, as we are a centralised banking service provider.
but our limit applies on a compliance level, which we are trying to solve by hiring more relationship managers to open accounts faster. Once the account is opened there is no limit on the number of transactions, users can use batch processing to do 1000's of TX per second locally or internationally.
Q5. Do you have any partnerships with other projects to focus in the near future? What are your main advantages compared to your competitors?What is the advantage for a token holder in the short and long term and will it have any reward structure for active members ?
As a banking services company our partners are only regulated entities and financial institutions, any crypto company claiming to be our partner is only our customer using our service or applied for a bank account or card processing through us.
Details of the regulated partners are in the footer of the website at cashaa.com
Q6. How are you planning to work with the Governments of other countries like India because it’s going to be very challenging to convince the governments to use Blockchain technology like #cashaa for money transactions?
It takes time, but if right approach taken in right market it can be solved.
For India Keep an eye on Cashaa Telegram ANN channel for some big news related to India. I am doing an AMA in Hindi soon and going to launch something huge for India after my Malta conference.
Q7. When will payment gateway be live?
The credit and debit card processing business is built and under testing, we can expect to make it publicly available through cashaa.com to onboard customers on early November.
But in case If any business needs the service before it's publicly available they can reach out to firstname.lastname@example.org, we can set them up manually to get advantage of our pricing of 2.5%-3% per transaction.
The fee for the Credit and debit card processing setup is 50,000 CAS and can only be paid in CAS tokens.
Q8. Is Cashaa backed by your country's government? Is there a competition between Cashaa and central banks?
Cashaa is based in UK, so I assume question is backed by UK government.
As we are a fintech company our services and products which in current case 1. UK current account and 2. Card processing are regulated by the regulated entities which is FCA in this case.
More formal answer. Cashaa is the trading name of Cashaa Technologies Limited, a UK registered company whose registered office is in London. Users' current account opened through us are issued by Enumis Limited, which is authorized and regulated by the Financial Conduct Authority as an Electronic Money Institution and authorized and regulated by the Financial Conduct Authority for Consumer Credit and is a Principal Member of Mastercard.
So the simple answer is yes, it's backed by the Government and is not a competition to the Central bank, but we work along.
Q9. What will be the impact of Cashaa on global banking system? (Do you think Cashaa can overtake)
We have just started our activity and onboarded the first customer for UK current account which was UKDE, followed with many in August and September.
In the next 9-12 months we think we will be a major backbone of the crypto industry for banking services and CAS token will be the gateway for these services.
Q10. Cashaa is a Currency for Banks but in the same field XLM Already Exists. XLM is the fastest & partnered with Big Brand Like IBM. Also World Top Banks & institutions are already to work with Stellar XLM. So, My question is :-
1. How Cashaa going to Compete XLM?
2.What are the Strong features that can bring Cashaa forward to everyone?
3. What are the Key Features that Cashaa has but not in other project ?
We are not competitors of Stellar, we can be more seen as partners.
We are solving the problem which every crypto company has, we are providing bank accounts for crypto businesses. Our accounts are regulated by the FCA, with funds held in a segregated account so that in the unlikely event that we or our partners becomes insolvent, customer funds are protected.
Stellar is looking to become the next SWIFT, whereas we are a banking service where payment systems are a part of it, today we use SWIFT for the international transfer, if Stellar becomes mainstream we will include it as well.
Concerning current progress of Cashaa, we are in a very good position, we have a huge demand, with over 650 businesses signed up since we launched our crypto-friendly bank accounts in May 2019.
Merits of Cashaa include that we are solving all your banking issues and have many features that are specifically beneficial for crypto businesses. We give a full UK current account so you get the same features as from a traditional UK current account, as well as crypto features, as we also have a secure and compliant multisig wallet.
Furthermore, we provide cards processing for lower fees than other major providers, only 3 %.
For more features of our business accounts, see here:
Q11. Can Cashaa help businesses to setup a company if yes, in which jurisdictions do we provide company formation services? What is the discount a business can get on exchange fee if using CAS?
What is Auxledger? Can you explain more about Auxledger. Explain some benefits, advantages of Auxledger.
Cashaa supports businesses of which of the following geographies? What services does Cashaa provide?
Can Cashaa help setup a company: Yes, if you are a business outside the EEA, we can help you set up a business in crypto-friendly jurisdictions such as UK and Estonia. This will be required if you are a non-EEA business that would like to apply for our cards processing.
Questions specifically for token utility, amount of discounts etc, can be found in the sheet shared by Kumar above.
Q12. What are the next big milestones in Cashaa Roadmap? What do we expect for Personal users?
Next important milestones include adding EUR and USD accounts, enabling on-boarding of US businesses, and enabling personal accounts.
What we do for personal users so far, can be found here: https://cashaa.com/personal-accounts
Q13. What are the advantages you get by using Binance Chain?
We have decided to issue CAS token on Binance chain due to its speed, security, easy to use, and due to the attractive Binance ecosystem. One of the trends seen in the space this year is that more and more businesses are moving from ERC20 to Binance chain and we are happy to have been one of the first. We have also launched an initiative earlier this year for Binance-based businesses to give them onboarding for free, and 50 % discounts on our other products and services.
Q14. When will you opening banking services for other businesses like cannabis which are underserved by old banks?
We in this year are focused on banking the crypto businesses, and in the next year will also target other underbanked industries such as Cannabis.
Before that, I'll already be at the Medical Cannabiz Summit in Malta on 4-5th November to start reaching out to business in that space.
Q15. In past few years many crypto coins are prone to hacking …what you can assure to crypto traders that Cashaa has strong security and privacy to prevent hacking?
We have a secure and compliant multisig wallet, you can see the features here: https://medium.com/cashaa/know-the-power-of-cashaa-wallet-for-personal-users-cf1fb05cd953
Q16. Where do you derive your project name. Why is it a befitting name for your project
We derived our name from what we were doing first, when we started in 2016. Originally, we were looking to become a competitor to Western Union, enabling to send money to Asia and Africa, so the name consists of "Cash" + "AA", with AA standing for Asia & Africa.
Q17. Team is an important part of any project. Whom You Think who is the strongest part of your team & Why? How about your security? How Much secure is your platform & How much safe will the investor fund?
We have a team of over 20 people and are growing, many of us have many years of experience in the crypto space, have their unique backgrounds, talents and contacts, and we are complemented by our expert advisors in multiple areas.
For more information you can see here: https://cashaa.com/Fintech-and-crypto-company
Additionally, we in the past months have partnered with complementary businesses that act as our local go-to partners in crypto-friendly jurisdictions, such as law firms, accounting firms and other corporate service providers, in Estonia, Malta, and other countries.
If you want to join as partner and help the team bank the crypto industry, see here:
We have many conferences coming up where you can meet us and get to know all the latest:
Kumar will speak at Delta Summit, Malta, 2-4 October https://www.delta-summit.com/
Janina will speak at CryptoFin, Tallinn, 14-15 October: https://cryptofinconf.com/
In November, you can also meet us at Malta Blockchain Summit, 7-8 November, and we'll have a booth at iGaming Summit, Malta, as well, 27-29 November.