Describe the company – the elevator pitch …
Cashaa is a p2p marketplace enabling zero fee cash transfer using cryptocurrency. We are matching cash senders` requests with cryptocurrency traders who can pick up and deliver cash locally in exchange for selling and buying cryptocurrency. We have launched in the end of January 2017, starting with transfer from London to India and Nigeria, which today are the largest receiving markets globally and in Africa.
We are the first cryptocurrency company that focuses on cash-to-cash transfer, which is the area in which most innovation was needed, as cash senders today are still using companies like Western Union, which takes high fees, 10-20%, most for transfer to the poorest countries.
— Cashaa LTD (@CashaaLtd) April 7, 2017
How are you different?
We are giving cash senders and cryptocurrency traders several advantages:
For cryptocurrency traders, we solve the problem of exchanges being active in only one or few countries respectively, and offering limited payment methods. With us, traders can buy and sell internationally while getting paid locally in cash, which gives them more opportunities. Traders in London can sell for a higher price in India and Nigeria, and traders there can buy cheaply.
Making cash transfer the new purpose of cryptocurrency trading means a huge liquidity increase for the traders, who before only traded for speculation purposes.
See additional benefits here:
Cash senders pay absolutely zero fees – they give cash to a trader in London and get the exactly same amount delivered in local currency:
As Cashaa takes part of traders` profit only, we can give the service for free to the cash sender. This gives us the following positioning:
The process for the cash sender is simple, they do not have to know anything about cryptocurrency, they only need to put up a cash transfer request, so local cryptocurrency traders can make their bid.
We give cash senders a better and transparent exchange rate compared to what they get elsewhere, and our service works without a smartphone, bank account, credit card, mobile money or even internet connection for the receiver, which enables us to reach everyone. We also give them the flexibility to meet the local traders in any public place they agree on, which makes us more convenient than having to queue in a shop.
— Cashaa LTD (@CashaaLtd) April 5, 2017
Why will the company / product do well?
Cashaa is a unique idea to leverage the untapped potential of bringing together the $60bn/year cryptocurrency trading industry together with the $240bn/year cash transfer industry in a way that creates a win-win model for everyone. Using cryptocurrency for money transfer to developing countries has long been a frequently-mentioned topic, but for the first time we solve the problem of how to convert cryptocurrency to local currency at the recipient’s end, by using local, independent traders and exchanges.
We have extensively tested our product before launch, and have already been proven highly attractive for cryptocurrency traders in that time, with in the first 90 days of testing only, over 7000 traders signed up in 119 countries and transferred over $1m, numbers which are constantly increasing until today. We over the past half year created a brand in the cryptocurrency community, and regularly get requests of people asking us to launch in their country.
Where are you based?
We are based in Level39 Technology Accelerator, Canary Wharf, London.
When was the company launched?
The company was founded in June 2016, and we launched the service in the end of January 2017.
What have been your biggest wins to date?
Now we have over 11000 traders, who transferred over 2100 Bitcoin/$2.3m in 130 countries – while cash transfer is possible from London to India and Nigeria, using us as trading platform is possible globally.
What type of people (market segment) are you trying to attract to your product?
We are targeting the typical customers of companies like Western Union, individuals who are sending small, regular amounts from places like London to their family in their home country. According to the World Bank, they today send on average 250 $ and lose 15-30 $ in fees.
Tell us about your team?
Cashaa consists of a leadership team of 5 people, and our technology team consists of experts from Auxesis Group, a blockchain development company based at IIT Bombay, India. Cashaa`s founder & CEO is Kumar Gaurav, who is also a popular speaker on blockchain related topics in the UK and internationally. He is also the Founding Director of Auxesis Group, which he founded in 2014 and which works with startups, banks and other organisations in India and internationally. We also partnered with Coinfirm, which provides us compliance services & KYC.
What are your long term plans for your product / company?
We are looking to become a market leader in the cash to cash market and are launching our other products like cash to bank and bank to bank transfer coming this and next year. We started with cash to cash transfer, and when including bank transfers, too, we can equally reach the banked and unbanked masses, which together is a market of $600bn/year.
We are expecting that with our unique and clear value proposition we can achieve a huge customer base.
What are your favourite tech gadgets? What tech gadgets do you wish you could use to help you?
Cashaa`s speciality is actually that it works without any tech gadgets. Most people in India and Africa do not even have a smartphone, but only a normal mobile phone. Cashaa works with a simple passcode, like Western Union. For new technology to be successful, it has to be useful for people in their everyday lives, who can not afford or do not care about the latest fancy gadgets.
Anything else you’d like to add / we should have asked?
Cryptocurrency traders in large cities can easily get many requests through Cashaa, so they can treat being a Cashaa trader like running an own business or just buying Bitcoin and cheaper from us than exchanges and reselling it through cash or bank transfer.
How do people get in touch with you?