Expanding Fiat Support in 7 Key Markets
India, 24th June 2024: Cashaa, a leading neo-bank for crypto businesses, is set to launch its innovative retail wallet. This new wallet aims to provide a comprehensive crypto alternative to traditional bank accounts, featuring capabilities such as buying, storing, spending, earning, and borrowing using cryptocurrencies. The wallet will be available in over 200 countries, with initial fiat support in seven key markets: Europe (EUR), India (INR), Turkey (TRY), United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and South Africa (ZAR). Users in these countries can easily purchase crypto with their local currencies.
Strategic Shift and CAS Token Expansion
As part of a strategic pivot, Cashaa has ceased banking services for high-risk businesses, including crypto enterprises. This change includes stopping the offering of US Dollar and Euro IBAN business banking accounts as of May 30, 2024, and not accepting new business customers for banking services earlier in the year. This shift underscores Cashaa’s commitment to the retail market and significantly boosts the adoption of its native token, CAS. To support this expansion, Cashaa has procured 100 million CAS tokens from the market.
CAS Token and Loyalty Program
The CAS token, integral to Cashaa’s ecosystem, has a fully diluted market cap of $3.59 million, a total supply of 1 billion CAS, a 24-hour volume exceeding $123,814.39, and a token price of $0.00359. The CAS loyalty program offers various benefits based on the number of CAS tokens held, categorizing users into four tiers—Base, Silver, Gold, and Diamond—each with incremental advantages. Benefits include earning up to 34% APR on fixed-term deposits, borrowing funds at interest rates starting from 0%, and higher yields and lower borrow rates for higher loyalty tiers. Users can also receive up to five free withdrawals per month by staking more CAS tokens, cancel fixed-term deposits prematurely if they are Diamond or Gold members, and benefit from discounted platform fees. CAS tokens can be purchased through the Cashaa app on the Google Play Store or from supported third-party exchanges.
Leadership Change and Vision for the Future
Kumar Gaurav has stepped down as CEO, with former Chief Technology Officer Amjad Raza Khan taking over. Reflecting on Cashaa’s new direction, Mr. Khan stated, “Following a comprehensive assessment of our historical strengths and the enduring trust we have cultivated within the industry, we have made the decision to implement several strategic changes to Cashaa’s business model. Our foremost objective is to expand the Cashaa brand’s reach to the anticipated influx of millions of new users during the forthcoming bull market phase. In alignment with this vision, we are finalizing regulatory, product, and corporate restructuring initiatives aimed at fostering the growth of the CAS token and its associated ecosystem throughout the new retail segment.”
Beta Testing and Trust in Cashaa
The Cashaa Beta wallet, tested by over 3,000 users in the past six months, has set the stage for this launch. Existing business customers, including crypto exchanges, blockchain development companies, and other wallet providers, participated in Beta testing, utilizing its yield and lending services. Cashaa aims to extend the same level of trust and security it has provided to hundreds of crypto companies to millions of retail users.
Conclusion
The launch of Cashaa’s retail wallet marks a significant milestone in the company’s evolution, promising to drive financial inclusion and empower users globally. By bridging the gap between traditional finance and the digital economy, Cashaa is set to democratize financial services, making them accessible, affordable, and secure for everyone, regardless of their geographic location or economic status.
