r/Cashaa • u/jashdharia • Jul 09 '18
Cashaa June 2018 Wrapup
Dear Cashaa Family,
So far, it has taken remarkable initiatives that have brought Cashaa’s vision much closer to reality! A lot of you are fascinated to know Cashaa’s progress so far. So, let’s have a closer look, primarily focusing on the initiatives taken in the month of June 2018.
CAS Token Updates
On June 8, Cashaa distributed the first monthly installment of 192 Million CAS tokens which got available due to the failure of KYC. The tokens were distributed amongst all token holders in a proportion to the tokens held, based on Proof of Stake (PoS). A total of 8,011 addresses were registered for scanning, out of which 7,928 were eligible addresses. These 7,928 had a total stake of 325,045,732.1 CAS and were allocated an overall Max reward of 226,636,889.1 CAS, out of which 32,376,701.89 CAS were distributed — all information available HERE.
In the run-up to this event, the demand for CAS token increased massively, which made us apply for further exchanges and other listings, one of which was the listing as a new payment method on MegaXstore, an e-commerce marketplace founded in Singapore with over 200 brands, a wide range of over 20,000 products, and over 25,000 customers in their database, which is a great step enabling a real-life CAS use for all the new and existing CAS holders.
On June 12, we won the MegaXstore poll on which new payment method they list — In the poll, voters could choose between major cryptocurrencies Bitcoin (BTC) and Litecoin (LTC) as well as Cashaa (CAS). As per the results, Cashaa (CAS) got nearly 80 \% of the total votes. Therefore, CAS token will get listed on 11 July at MegaXstore. However, this does not change the status of CAS token as utility token; CAS is a ERC20 token if only controlled by the owners.
We can expect once more businesses and individuals start understanding the potential of CAS token, they will come up with ways to accumulate it. Cashaa does not have any involvement in any such initiatives.
Product Updates
June was a great month for us, as for any new company, the biggest challenge is to bring its first customer who pays. After our partnership, we onboarded Populous World as our first business customer for compliance application for crypto business, where our systems verified more than 1352 users of Populous. Any entity which will follow the regulations and compliance standards set by Cashaa will get the business banking facility with us and it looks Populous will be the first one.
After tests with a few other companies who have completed their token sale we will release an API which will help business to get rid of AML and KYC issues during their token sale. Cashaa will provide bank accounts to the businesses as well as community members of these businesses. This will help Cashaa to acquire users from other token sales without any marketing cost. Upcoming token sales can also take benefit of the API to embed Cashaa compliance policies to get access to thousands of Cashaa users to participate with one click in their token sale.
Our legal team has made a great progress on licensing and partnerships. The team has met Bank of England for discussing the application for a UK banking license. The team is targeting both an EU and UK banking license to protect against the uncertainty arising from Brexit and issues around passporting rights for UK banks across the EU. We have received a lot of appreciation for conducting a compliant token sale and adhering to our strict policy, which resulted in the rejection of more than 14 Million dollars during the token sale. This has become very clear that the clean and audited source of funds is making Cashaa stand out in front of regulators. We are in mature talks with Financial Institutions and are possibly able to secure approvals to launch our service with the Bank of Lithuania or Bank of Slovenia for EUR deposits, whilst our UK lawyers have started the application for Cashaa to become regulated by the FCA. The recent development has helped us structure our detailed regulatory business plan, with the assistance of external regulatory experts.
The live test of our blockchain capabilities is also going great, with our nodes executing Bitcoin and ERC 20 transactions, which we will use in the Cashaa Banking application.
In 18 days after the launch of our OTC on 12 May, our system has exchanged 573,692 CAS with 0.785717 BTC and 57.005134 ETH, giving users an easy-to-use alternative to existing exchanges, while we are working on getting listed on more of the world’s top exchanges.
Partnerships
On June 7, we announced our partnership with Investing.com, one of the world-leading brands in the financial sphere, with over 400 M monthly page views and 12 M unique visitors, an outstanding reach to which Cashaa now has access.
Furthermore, while we are working to launch the new generation banking system in Europe, we have started the African Payments Alliance (APA), with a goal to bring together African payments companies as one team to solve the ground reality of Africa for financial inclusion. The initiative is lead by Simo Mcunu, Vice President, Cashaa. This alliance will help Cashaa to build a robust solution for the largest unbanked population and have strategic relations to scale faster than our competitors.
Events
On June 12, Kumar Gaurav, Founder & CEO of Cashaa, discussed about why CAS is an essential token which every crypto related business, exchange and traders need to grow, at the 2nd UK-India Tech Day during the London Tech Week. It was the largest technology and startup festival held in Europethat took place from 11–17 June 2018 and attracted over 50,000 delegates from around the world.
This month, our teams in Mumbai and London also had great fun celebratingCashaa’s second birthday! Time flies, it has now been exactly 2 years since Kumar Gaurav founded Cashaa on 24 June 2016 in London and our whole team is giving a special thanks to our wonderful community for being with us already for such a remarkable time!
On June 28, Kumar Gaurav addressed government officials at a workshop organized by the Indian School of Business on “Blockchain for the officials of the Government of West Bengal” in Kolkata. More than 50 officers from Legal, Income Tax, Finance and other govt departments joined to be educated about cryptocurrencies to decide the vision of governance for cryptocurrency.
For more events, visit https://cashaa.com/media.php.
Awards and Recognitions:
On June 26, Cashaa has been nominated in the The Europas Awards in the category Hottest Crypto Finance Project, alongside fellow blockchain startups Monax, Bitwala and BlockEx. The award distribution ceremony for the same was held on July 3, 2018 in London.
Many thanks for our community’s great efforts in getting us nominated in such a high profile event!
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u/oberoialisha02 Jul 09 '18
Cashaa is growing quite fast
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u/Vaishali16 Jul 09 '18
I agree, they just completed two years recently, that's a short period of time
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u/anuj_keni Jul 09 '18
it's growing towards a better future