Cashaa is a P2P marketplace powered by the Blockchain to transfer cash anywhere in the world. Cashaa’s model is based on connecting individuals who wish to send and receive money anywhere in the world, with cryptocurrency traders/network who accept the physical cash from the sender in one location and give it to the receiver in another location in exchange of selling and buying their cryptocurrencies. The money transfer requests are selected and matched through a live bidding process from cryptocurrency trader. There is no fee charged to the cash sender or the receiver and all transfers are based on real exchange rates, without any tricks or hidden fees. Simply 0% fee.
In the current public version Cashaa is powered by the Bitcoin traders, however, the platform is cryptocurrency neutral and can eventually operate through whatever digital currency or token traders prefer such as Monero, Ethereum, Ripple, Coloured coins etc. Cashaa will be able to enable priority money transfer 24/7 with real-time & transparent exchange rate and to deliver services the cash transfer industry never imagined before.
Benefit to Cash senders:
- No fee charged;
- Fair Market exchange rates (average 12% of the cash transferred);
- Convenient, no more queues to send cash.
Benefits to Traders:
Traders get the unique opportunity to use bitcoins trading activity to empower others to Cash transfer. They enable traders to trade their cryptocurrencies to the international market, while solving the issue of how they get paid without going through traditional ways.
- An increase in Market Size;
- Higher Profit Margin;
- Reduce Cash Trade time;
- Safe and secure escrow;
- Rating System and import tool to import you.
Anyone can easily convert cash into cryptocurrencies and vice versa and by doing this users can easily earn a profit and run it like a business. The trading platform gives all traders a unique opportunity to bid according to their will, to earn good amount of profit.
Cashaa is developed by Auxesis Group, a technical innovation company founded in late 2014. It was started with the motivation to provide best-of-breed business solutions to corporates and startups by leveraging the power of Blockchain technology. Auxesis is among the very first companies in India to provide Blockchain based solutions globally and contributed to the Blockchain research and innovation in India.
Their R&D team in partnership with Blockchain Lab, London and MultiChain is constantly exploring and innovating better use cases of Blockchain Tech among Banking, Insurance, Supply Chain and Capital Markets industry. They have built solutions for remittances, exchanges, Insurance claim settlement, Cryptocurrency wallets and Blockchain explorers over different platforms, including Bitcoin Blockchain, Ethereum Smart Contracts, Hyperledger, and MultiChain.
The Remittance Industry
With numerous of Internet Connections around the globe, global information transmission has become very cheap. People are depended upon the Internet for everything they want to save their time and money. The introduction of Cryptocurrencies has saved their time and money both and moreover it’s a secure way of transaction. People use cash for different rational and irrational reason. In the U.S., cash in circulation grew 42% between 2007 and 2012, and the amount of American money floating around in bills and coins is expected to grow by about 5% each year. In the UK, half the transactions by consumers in 2013 were with cash. The current forecast is that this figure will drop below 50% in 2016, but there is no prediction for cash to disappear.
The above scenarios are of the most advanced markets of the world, imagine the situation in another part of the world where world’s major populations live. According to World Bank there are billions of people who do not have Bank accounts. Somewhere people don’t have enough money to keep in their bank accounts. Bank charge fee and require a minimum deposit. In some areas Banks are inaccessible. People are migrating to the developed market, and migration numbers are breaking all past records.
Cash remittance industry which is now approx. 240 billion USD is mostly controlled by the network of the Western Union, Money gram and unorganized money transmitter businesses. The pity is that the more the country is poor, the higher is the fee to send money, on average people loses 15% while sending money back to their home. According to the world bank, an average migrant sends approx. 250 USD in cash and loses 15–30 USD.
Only Migrants in the UK send money home using several channels. These include family and friends returning home, money transfers operators (MTOs) such as Western Union, MoneyGram, etc. It is tough to collect data on the cost of remitting on the informal remittance market. However, the World Bank database on the cost of sending money through formal channels suggests that remitting from the UK using the Western Union and MoneyGram is very expensive. These profits will increase with the growing immigration from such countries.
Currently 240 billion USD of cash transfer industry which are mainly operated by Money Gram and the Western Union types of Companies who are in this business from more than 100’s of years. They have made the network very strong, and it’s tough for a startup company to enter this domain.
All of the sudden cryptocurrencies were introduced which made the transfer of value very easy. But problem is to propagate this value to the critical mass. Cryptocurrency trading market has been growing to 72 Billion a year, and most of the people using it for the speculation purpose. In 24 hr. an average of 100 Million USD has been used in speculation for trading.
Cashaa is running such network which provides P2P free cash transfer platform powered by Blockchain. Blockchain is not controlled by any centralized source, so this network is fully secured and reliable. This system can be said to be a very specialized version of a cryptographically secure, transaction-based state machine and Cashaa is now playing a vital role of transferring money around the globe without any charges.