Cashaa Set to Launch its Retail Wallet in 200 Countries with Initial Fiat support in 7 Markets
Cashaa, a
prominent neo-bank for crypto businesses, has announced the launch of its
retail wallet, providing a ground-breaking crypto alternative to traditional
bank accounts. This innovative wallet offers comprehensive banking features,
including buying, storing, spending, earning, and even taking out loans using
cryptocurrencies. The Cashaa wallet will be available to users in over 200
countries, with Fiat support in 7 key markets: Europe (EUR), India (INR),
Turkey (TRY), United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and
South Africa (ZAR). In these countries, users can purchase crypto with their
local currencies.
This launch is part of Cashaa’s broader strategic shift, which includes discontinuing banking services for crypto and other high-risk businesses. As of May 30, 2024, Cashaa ceased offering US Dollar and Euro IBAN business banking accounts and stopped accepting new business customers for banking services earlier in the year. This pivot signifies a new direction for Cashaa, emphasizing its commitment to the retail segment and remarkably boosting the adoption of Cashaa’s native token, CAS. In a strong show of support for the CAS ecosystem, Cashaa has procured 100 million CAS tokens from the market to bolster this expansion. The CAS Token presents a unique opportunity for individuals to participate in a financial revolution. By holding CAS tokens, users can benefit from Cashaa's expanding ecosystem. With 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 token is an integral part of Cashaa's loyalty program.
The CAS loyalty program offers users various benefits based on the amount of CAS tokens they hold, categorizing them into four tiers—Base, Silver, Gold, and Diamond—each with incremental advantages. CAS token holders can earn up to 34% APR on fixed-term deposits, borrow funds at interest rates starting from 0%, and enjoy higher yields and lower borrow rates by increasing their loyalty tier. Additionally, users can 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. Users can also earn CAS tokens by staking their existing tokens for up to 15% APR or opting to receive their interest in CAS token. The tokens can be purchased directly through the Cashaa app on the Google Play Store or from supported
third-party exchanges, providing easy access to this valuable asset.
In line with this new vision, Kumar Gaurav has stepped down as CEO, with former Chief Technology Officer (CTO) Amjad Raza Khan taking over as the new CEO. 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.
“CAS will be a game-changer, driving financial inclusion and empowering users globally. It will provide unparalleled access to financial services for the unbanked and underbanked populations, bridging the gap between traditional finance and the digital economy. Our goal is to democratize financial services, making them accessible, affordable, and secure for everyone, regardless of their geographic location or economic status” he added.
The Cashaa Beta wallet, tested by over 3,000 users in the past six months, has paved the way for this launch. Existing business customers, including crypto exchanges, blockchain development companies, and other wallet providers, participated in the 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.
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