India, 24th June 2024 – Cashaa, a leading neo-bank for crypto businesses, has announced the launch of its retail wallet, offering a revolutionary crypto alternative to traditional bank accounts. This innovative wallet includes features such as buying, storing, spending, earning, and even taking out loans using cryptocurrencies. The wallet will be available in over 200 countries, with fiat support in seven key markets: Europe (EUR), India (INR), Turkey (TRY), United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and South Africa (ZAR). In these regions, users can purchase crypto with their local currencies.
Strategic Shift and CAS Token Support
As part of a broader strategic shift, Cashaa is discontinuing banking services for crypto and other high-risk businesses. Effective May 30, 2024, Cashaa has ceased offering US Dollar and Euro IBAN business banking accounts and stopped accepting new business customers for these services earlier in the year. This pivot underscores Cashaa’s commitment to the retail segment and aims to boost the adoption of Cashaa’s native token, CAS.
In a show of strong support for the CAS ecosystem, Cashaa has acquired 100 million CAS tokens from the market to bolster this expansion. The CAS token is integral to Cashaa’s loyalty program, 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.
CAS Loyalty Program Benefits
The CAS loyalty program offers various benefits based on the number of CAS tokens held, categorizing users into four tiers—Base, Silver, Gold, and Diamond—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. Additional benefits include up to five free withdrawals per month by staking more CAS tokens, early cancellation of fixed-term deposits for Diamond or Gold members, and 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 tokens. These 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.
Leadership Transition and Future Vision
In line with this new vision, Kumar Gaurav has stepped down as CEO, with former Chief Technology Officer (CTO) Amjad Raza Khan taking over the role. 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.”
Beta Testing and Launch Preparations
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.
Conclusion
Cashaa’s new retail wallet is set to be a game-changer, driving financial inclusion and empowering users globally. By bridging the gap between traditional finance and the digital economy, Cashaa aims to democratize financial services, making them accessible, affordable, and secure for everyone, regardless of geographic location or economic status.
