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Cashaa: A Blockchain Powered Next Generation Banking Platform

  • 26 February 2018
  • Expert Insights

Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.

The following is an interview we recently had with Kumar Gaurav, CEO of Cashaa.

1. What’s the history of Cashaa? How and where did you begin?

KG: The idea for Cashaa came up a few years ago when I still had to use Western Union while knowing about Bitcoin already, which was not usable for the masses yet.

I thought there has to be a way to combine the two, which finally would enable Bitcoin to reach the people who need it the most.

Cashaa was born in 2016 with the aim to make this promising technology as accessible as possible, starting with international money transfer, and eventually becoming a comprehensive financial services platform.

2. Who are the founders and key team members?

KG: Our team is comprised of some of the best, brightest and most passionate people in the industry sharing the same vision. Our team has more than 200+ Years of Payments and banking experience and includes executives from Fortune 100 technology companies, central bank, and top academic institutions. More information can be found here.

3. What problem are you solving? Who are you solving it for?

KG: Despite the existence of new technologies like blockchain, 3.5 billion people are still unbanked and underbanked and left with outdated, expensive services which are charging the poorest the most, giving higher exchange rates and are slow, full of intermediaries, bureaucracy, and extensive paperwork.

We are solving these problems while targeting personal consumers such as immigrants, average bank users, international students and travellers, as well as business consumers, such as fintech companies with innovative ideas who can use us as a platform.

We are happy to partner with lending, bill payments, e-commerce, crowdfunding, startups, or ICO launching card-based solutions, media companies, businesses with multiple vendor payouts etc.

Cashaa – Ecosystem

4. What is your solution to this problem?

KG: We are building a better bank and are challenging legacy banking with our coming app and products which we are building with the help from our community’s input. Our users can store, save, spend, receive, borrow and get insured, all in a legally compliant way, while benefiting from a simple user experience. We want to be a one-stop for all your financial needs, and as we have experience with building all the named services over the past years, we are now bringing that all together on one platform.

5. Why is your industry ripe for disruption?

KG: The recent emergence of cryptocurrency tokens showed a silver lining to save us from the legacy systems with all their problems listed above. However, it turns out that a growing number of users and businesses are struggling to leverage on the existing blockchain infrastructure due to poor usability, non-customer centric approach and improper legal implementation. This gives the opportunity to companies like Cashaa which are aiming to bridge this gap.

The key to success in this industry is partnerships, a collaboration, and coexistence between the “disruptors” and the ‘legacy’ institutions whom we so far perceived as positive and open to working with us. One of these partnerships, with a MasterCard service provider, enables us that with our coming wallet and card, we will be able to move national currencies cheaper, faster and easier than cryptocurrencies and can transfer them to any card, bank account or wallet in the world, including cards issued by traditional banks or fintech startups, which is a world-first and combines the “best of both worlds”.

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