New cash-to-cash remittance company, Cashaa, ends its three months testing period and claims to have a success as it plans to fully go live.
According to co-Founder and CEO at Cashaa, Kumar Gaurav, the company started their trading platform BTC2BID to test and validate their model on April 3, after which a London office was established about two months later, while the development centre remains in Mumbai, India.
Strictly peer to peer transactions
Gaurav tells Cointelegraph that Cashaa is a peer to peer cash remittance company, which involves a cryptocurrency traders network to receive and deliver cash.
“The good thing about this whole system is that we never touch the cash, therefore we cut out all the cost and are able to deliver free service to cash senders, we also do not have any tellers who are affiliated to us to do such job.” Says Gaurav. “We are a completely peer to peer company, where peer are coming from two unique businesses and delivering the service for their own benefits which Cashaa is bringing to them on the table.”
A unique model with zero charges
Gaurav says that the model could help his company to pipe the $300 bln cash remittance market into the $60 bln cryptocurrency trading market to have very high liquidity for traders and the opportunity to trade them into cash for the market where the spread is high.
“We charge zero fee for the cash sender which was till now paying 5-20% fee to move cash through traditional ways like western union or moneygram. We do not involve any bank account , credit card, or mobile app based wallet.”
Plans for the future
Gaurav claims that Cashaa has a 7-year plan of reaching a valuation of $1 bln, a plan which he says will begin with a 0.025% market share of cash remittance and 0.1% crypto trading market. The current focuses for Cashaa, according to Gaurav, are USA and Europe for sending, and the Philippines, Indonesia, Pakistan and India for receiving. In the coming year, their services are expected to expand with remittance from China to anywhere within Cashaa’s network.