Bitcoin & Crypto & NFT News
Cashaa is a p2p marketplace enabling zero fee cash transfer. We are a UK company based at Level39, London and were founded in June 2016 by Kumar Gaurav. We have launched 18 January 2017, focused on cash transfer from London to Nigeria and India. Cashaa was built by Auxesis Group, India`s leading blockchain development company based at IIT Bombay.
We decided to focus on cash transfer as the people we are helping with this are those who need the most help. In receiving countries, the recipient often does not have a bank account. People may not have enough money to keep a bank account, pay bank fees, a minimum deposit, or have access to a bank at all. These problems led to a cash transfer industry of $240bn a year. Currently, the typical cash sender on average sends $250, of which they have to pay 15-30£ in fees to money transmitters like Western Union, which is very expensive. The poorer the country, the higher the fees. Due to increasing migration, money transmitters` profit is increasing, and all they do is charging money for moving money.
Cryptocurrency for the first time enables to skip the 100s of years old money transmitters and transfer money across the globe, instantly, without fees. The problem so far was that cryptocurrency itself has not reached a critical mass, with cryptocurrency trading only being used for speculation, $72bn a year and $100m an hour.
Cashaa is giving trading a new purpose: Bringing the advantages of cryptocurrency to cash-based societies, without cash senders and receivers having to know anything about cryptocurrency. The traders do all the work for them.
Cashaa works as follows: Cash senders can send a request to transfer cash and get matched to cryptocurrency traders in the cash sender
s and the receivers city. Once the match is made, the sender and the receiver can meet the respective trader locally in a public place to give and receive cash from.
We enable transfer from high-liquidity Bitcoin markets like London to low-liquidity markets like India and Nigeria. On average, the spread between these countries is 5 %, which enables the cryptocurrency traders and Cashaa to make money. In the same time, these are the typical routes in which cash senders send money.
The advantages for the cash senders and receivers are the lack of fees, a transparent, real time exchange rate, they can conduct priority money transfer 24/7 and can meet the trader in a place that is convenient for them, instead of having to queue in a Western Union shop.
Cryptocurrency traders through us can trade on an international market, as we solve the issue of how to pay and get paid. We increase their market size, give them on average a 2% margin, reduced cash trade time, a safe and secure escrow, rating system and import tool to import them from e.g. LocalBitcoins. They can use any cryptocurrency on either side, as through our internal Inter Ledger, it will be compatible. Furthermore, they can run their trading activity like an own business and be the point to go to for cash senders in their community.
Cashaa is a product of Auxesis Group, which was founded in 2014 and offers best-of-breed business solutions. Its clients include corporates, banks and startups which want to implement blockchain technology. It was one of the first Indian companies to offer blockchain solutions globally and contributed to blockchain research and innovation in India. Auxesis Group’s partners are Blockchain Lab, London and MultiChain, which whom it is exploring and innovating blockchain use cases in different industries like Banking, Insurance, Supply Chain and Capital Markets. Existing solutions include remittances, exchanges, insurance claim settlement, cryptocurrency wallets and blockchain explorers using Bitcoin, Ethereum, Hyperledger and MultiChain.
The founder of both companies, Kumar Gaurav, worked for IT giant Wipro, delivering innovative systems for luxury automobile brands like BMW and Ferrari, before moving into financial technology. During his time in Italy, he co-founded the first Italian p2p insurance company Darwinsurance, another product of Auxesis Group.