User:Eltruskov/sandbox

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Cashaa
Denominations
CodeCAS
Development
Original author(s)Kumar Gaurav
White paperhttps://storage.googleapis.com/cashaa-cdn/cashaa/pdf/cashaa_wp_v2.pdf
Development statusActive
Source modelPublic
Ledger
Circulating supply819,528,005.10 CAS (as 25st Dec 2021)
Website
Websitehttps://cashaa.com/

Cashaa is a UK-based crypto-friendly neobank. Cashaa best knowns participation in the process of government regulation of cryptocurrency assets in India. Cashaa was founded by London-based entrepreneur Kumar Gaurav, who is currently the CEO.

History[edit]

In 2016, Cashaa started as a peer to peer money transfer platform but over time we have become the banker of the crypto industry.[1]

Even after Supreme Court order struck down the Reserve Bank of India (RBI)’s ban on cryptocurrency last year, private and public sector banks in the country have warned their customers against using their services to trade in cryptocurrencies.[2] In November 2021, Cashaa's CEO had negotiation with an officials from MoF India. He announce, that there is no complete ban, but the direction is to regulate crypto in line with FATF guidelines. Crypto will be just assets class regulated by SEBI. Exchanges will need licences in India.[3][4][5][6]

In 2021, Cashaa and United launched Unicas, claims to be the "world’s first cryptocurrency financial institution with physical locations" created to “satisfy the regulatory requirements” in India. The Unicas company plans to launch personal accounts services in India including savings accounts for Indian rupees and cryptocurrency, loans for buying cryptocurrency, lending against cryptocurrency and card services.[7][8][9][10]

Design[edit]

Cashaa's design is split into two systems.

One is the traditional remittance service. Here, the remittance user sees the market exchange rate between local fiat and receiver's fiat. The sender can pay either via cash or bank account, and the receiver can accept money either via cash or bank account.

The second system (working behind the scenes) breaks up the remittance order into two trades against bitcoin. Each of these is put into an order book that can be picked up by the traders. The first leg is converting between sender's fiat into bitcoin, and the second leg is converting between bitcoin and receiver's fiat. Each of these traders can make a profit by filling these orders, since the bitcoin price in receiver's fiat is higher than the bitcoin price in sender's fiat. Traders must put 10% into escrow, which is forfeited if they accept an order and don’t fulfill it. This helps guard against bitcoin price volatility and order cancellation.[11][12]

The CAS token is the platform's native utility token. It is used to support the Cashaa banking ecosystem rewards system and encourage user participation in protocol activities.

See also[edit]

References[edit]

  1. ^ "Cashaa cryptocurrency allow purchases with credit and debit cards". Cards International. 2019-04-23. Retrieved 2022-01-13.
  2. ^ Bhatla, Prabhjeet. "Cashaa Partners With Polygon To Release Defi Solution For Masses". Entrepreneur. Retrieved 2022-01-13.
  3. ^ "Banking Platform Cashaa To Launch Cryptocurrency Savings Accounts, Loan For And Against Crypto In India". Moneycontrol. Retrieved 2022-01-13.
  4. ^ "https://twitter.com/kg_cashaa/status/1463451865975119872". Twitter. Retrieved 2022-01-13. {{cite web}}: External link in |title= (help)
  5. ^ Welle (www.dw.com), Deutsche. "Why is the Indian government cracking down on cryptocurrency? | DW | 16.12.2021". DW.COM. Retrieved 2022-01-13.
  6. ^ "Will Cryptocurrency Bill ban Bitcoin, Ethereum, Dogecoin? Experts' take". www.fortuneindia.com. Retrieved 2022-01-13.
  7. ^ "Cashaa and Chainlink Collaborate to offer Crypto and Defi related solutions". Express Computer. 2021-09-03. Retrieved 2022-01-13.
  8. ^ "Cryptocurrency bank plans India operations, takes cooperative route to get around RBI rules". The Indian Express. 2021-07-19. Retrieved 2022-01-13.
  9. ^ Dave, Sachin. "DeFi players reach out to govt over crypto law". The Economic Times. Retrieved 2022-01-13.
  10. ^ Reuters (2021-11-17). "India could bar transactions in crypto, permit holding as assets - paper". Reuters. Retrieved 2022-01-13. {{cite news}}: |last= has generic name (help)
  11. ^ Kalla, Sid (2017-04-22). "How Cashaa Exploits Bitcoin Price Differentials for Remittances". www.coindesk.com. Retrieved 2022-01-13.
  12. ^ "Crypto traders panic at India plan to 'prohibit all private cryptocurrencies'". Fortune. Retrieved 2022-01-13.

External links[edit]

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Category:Blockchains Category:Cross-platform software Category:Alternative currencies Category:Bitcoin exchanges Category:Digital currency exchanges Category:Cryptocurrency projects

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