The global remittance market is worth $600 billion a year
Surprisingly, half of this amount is dealt with in hard cash. People from every country in the world send money to their families and friends but they share a common huge problem: Unfortunately the cash transfer industry has not been modernised through the years and, as a consequence, outrageous transaction fees can in some cases eat up 20% of the transferred cash, considering an average between 5% and 10%. On top of that, people do not realise that they pay hidden currency exchange fees as well.
If a person wants to transfer $200 in cash to an other country, why should they accept to be ripped off by paying up to a $20 fee? Why are money transfer services so old-fashioned? Why is the technology not helping out here?
What is needed is a new system which can communicate with the new and old world of currencies and is easy-to-use for people who are not aware of cryptocurrency or blockchain technology. The world of cryptocurrency is a revolution, completely online and easy to transfer without losing its value. Cashaa exploits the power of blockchain technology to revolutionise the cash transfers industry.
Cashaa matches cash transfer requests with cryptocurrency cash deals, in a convenient way for both categories of users. Cryptocurrency traders are happy because they have more liquidity and trading opportunities on our platform while cash senders are happy because they do not spend any fees to transfer their money – absolutely 0%, and without the need to open a bank account.
It is a win-win combination. Now, imagine you want to transfer GBP 200 in cash. From your PC, smartphone or tablet you just:
- Access your Cashaa account
- Choose the amount you want to transfer
- Insert the amount you want to be delivered in local currency
- Enter your place and the place of destination
- Choose the duration of the transfer request
The advantages are huge:
- The cash delivered to the destination is exactly the amount you have indicated in your request. You and your cash receiver pay no service fees and no exchange rate fees.
- The cash sender does not need to know anything about blockchain technology or cryptocurrencies, Cashaa does all the job behind the scenes for you.
- The cash sender does not need to go to any remittance shop: They just indicate any place in their city (i.e. Starbucks etc.) and in the receiver’s city.
- There is no need to have a credit card, bank account or any prepaid cash card.
- There is no need to have any mobile wallet where your transfer is limited from app to app. (e.g. Paypal OR any other similar service).
- It works in every country and with every currency, locally and internationally in our network.
But why does the cash sender not pay any fees? Is somebody giving them a free ride? No.
Cashaa plugs in their crypto traders` world additional liquidity made available by the cash senders and this gives them more opportunities to trade.
Cashaa is a registered company in London. Prior to launching Cashaa, we launched our trading platform btc2bid.com to validate our model. Now, Cashaa is not an idea, it is a product.
Cashaa is going to finish 3 months of beta test and received a great enthusiasm from the cryptocurrency traders community and already built a user base of 7000+ traders who traded around $1 Million USD during the product testing. Cashaa is looking for innovators, executives and VCs to join us in our mission to make cash transfers free for everyone in the world.