- Cashaa is launching its own neo-banking platform, powered by the CAS token, on November 2.
- The world’s first global crypto banking platform will roll out on the UK, Europe, and USA markets.
- Cashaa partnered with CFS-ZIPP, PaySafe Group, a Colorado-chartered Trust, and JPMorgan Chase.
- From November 23, users can utilize CAS to pay for all services on the platform.
- Its exclusive payment service Cashaa Spend will facilitate digital payments across 2,000 global brands and retailers.
- A DeFi lending protocol will be integrated with the Cashaa ecosystem later on.
Cashaa Founder & CEO Kumar Gaurav proudly revealed that they are ready to launch their own banking platform, powered by the Cashaa (CAS) token. It can be accessed in the UK and Europe from November 2.
Cashaa’s crypto banking app integration
Introducing Cashaa Banking 2.0 to the public, the world’s first global crypto banking platform will roll out in the UK, Europe, and USA markets. For UK and EU integration, it is made possible through partnerships with Financial Conduct Authority (FCA) licensed banking institutions. These include CFS-ZIPP and PaySafe Group.
Starting on November 2, existing UK and Europe business accounts will have pioneer access to Cashaa’s new banking platform, and by November 30, Cashaa will officially open the registrations for business and personal accounts.
For US integration, Cashaa would collaborate with a Colorado-chartered Trust, allowing Cashaa to access the Federal Banking system through a master escrow account with the Federal Reserve Bank of Kansas City. Moreover, this will enable them to provide USD accounts and Forex services to US-based clients.
Aside from this, Cashaa will also use JPMorgan Chase as its correspondent bank in the US. Accordingly, by December 30, the US banking integration should be completed.
Gaurav pointed out that,
We are standing at a defining moment in the history of banking, and a milestone for Cashaa. It was not an easy task to bring services from multiple jurisdictions under one platform.
Since August 2019, Cashaa has been providing banking services using partners’ platforms. More so, in line with the release of its proprietary banking platform, it onboarded over 200 crypto companies in the last 12 months including Paxful, Nexo, CoinDCX, and UnoCoin.
CAS token as payable currency
Based on its roadmap, from November 23, CAS will be used to pay for all services on the platform as transaction fees. This includes local transfers (FPS, SEPA, ACH), international transfers (SWIFT and Federal Wire), foreign exchange transactions (e.g. USD to EUR), cryptocurrency conversions and exchanges (e.g. USD to BTC), and business onboarding.
All services and fees paid in CAS can have a 25% discount. This will incentivize the adoption and usage of the CAS token. Furthermore, users can purchase or top-up CAS via crypto exchanges before making transactions and paying for services.
Gaurav highlighted the essence of the crypto on its ecosystem,
As our system is going into an operational state, CAS will become the key to the world’s first crypto-friendly financial institution.
Besides, its exclusive payment service Cashaa Spend will facilitate digital payments across 2,000 global brands and retailers. This service includes a physical debit card (powered by MasterCard for EEA accounts) and a virtual card powered by Visa, MasterCard, RuPay, and Union Pay.
In addition to Cashaa Spend, a DeFi lending protocol will be integrated with the Cashaa ecosystem later on. With this, users can apply for consumer loans. Not to mention that it offers low-to-zero interest fees to the borrower and high yield rates for the lenders. This will also increase the utility of CAS token via crypto-to-fiat conversion.
Cashaa’s team worked on revamping the previous CAS tokenomics. Here, holders can only use CAS particularly for business account application processing fees, staking for a higher tier in personal accounts, and a 25% discount over exchange fees.