Cashaa Community letter from Kumar
Cashaa has come a long way in a short time and we are very proud of our achievements. A road to success is never easy and during our token sale, we also encountered a few issues which the crypto community is not used to. Doing things properly takes time, especially when it comes to compliance and regulation.
Giving the best Bitcoin & Ether Value:
As the CEO and Founder of Cashaa, for me the community always comes first. After our auditing was complete, we have locked the final price at $17500 for BTC and $644.93 for ETH. After the price of these cryptocurrencies rose, Cashaa had the option to keep the profit on the margin increase, but Cashaa passed on all the profits of Bitcoin and Ether back to its community members.
Strong Compliance:
Cashaa has built a solid process to verify users from 119 countries and we were able to clear 8,513 out of 53,381, who received their tokens during the token sale. Being a financial institution which is supposed to change the face of Banking, we cannot afford to have a loose compliance, as that would be like a suicide mission. I know that many financial institutions’ token sales with a huge market cap have not followed it; however, for Cashaa to become a fully licensed financial institution, knowing its source of funds is equally important as having funds.
Not compromising on Integrity:
Cashaa strongly believes in abiding by the regulations and following the right compliance process. Cashaa raised US$33 million via token sale; however, we rejected US$14.77 million (43%) of this money due to our strict internal anti-money laundering and know-your-customer policies. This process not only decreased the total funds collected and number of our community members. But in the end we came up with a community which is built on solid foundational principles.
Distributing the rejected participants’ CAS to the community:
During the token sale, we offered KYC bonuses to anyone who provided all the required data to smoothen our KYC process. Going further to reward those of you who want to drive the industry by legit means, we decided that the 192 Million CAS which got available due to failure of KYC would be distributed among the buyers in proportion to the quantities purchased instead of selling them again. The distribution will happen on 5th June 2018.
Going the Extra Mile for our Community Members:
Cashaa becomes one of the top token sales where more than 40% funds has been raised in USD instead of 100% crypto. We added direct card payments to make the process smoother for those who are new to the cryptoworld. But this brought us some challenges to educate many participants on how to handle ERC20 wallets. The Cashaa team had to spend an enormous time making sure the new users do not lose their tokens. We started a test token program where we sent 0.01 CAS and asked each user to confirm if they have received and can manage their token. Although changing the ETH address is never entertained during token sale, but we took 1489 ETH address change requests very seriously which also added delay in the execution of this years roadmap.
When will CAS be listed on more exchanges?
We were in the token distribution process till now and many exchanges do not list the tokens until the distribution gets completed. We are already listed on HitBTC which is one of the top 10 crypto exchanges in the world. Two more exchanges are going to come after the complete token distribution. All the CAS supporters who want to buy CAS can also buy through our OTC trading desk starting from 12th May 2018.
Why is the OTC Exchange launch delayed?
We were all set to roll out our OTC exchange in Q1 2018, but suddenly the regulatory environment in India took an unexpected turn. In India, the Cashaa wallet can have more than 600 Million users and we do not want to do anything in a rush, which can threaten that chance. We decided to review the legal aspects and make sure we do not have any issues while Cashaa community Knights were continuing with beta testing. You can also become a Cashaa Knight and get early access to all the Cashaa products.
We worked on limited resources to clear the compliance issues before touching the funds received and we took all the measures necessary to ensure that everyone receives their CAS tokens. The entire Cashaa team worked hard, day and night, and was dedicated to support the participants during the whole token sale and distribution. I also would like to thank our proactive community members who decided to take responsibility to become Telegram admins to fight the FUD and keep the spirit of Cashaa alive.
I want to congratulate all the 8,513 out of 53,381 who successfully became part of the foundation of Cashaa and also thank everyone for showing their trust and for believing in our team and giving us the opportunity to make it grow and flourish. Now we have successfully completed the token sale process. It’s time to start delivering the roadmap; we have expanded our team to 28 members in the last 3 months, which will grow further to 49 by the end of June.
People from top banks and technology companies like HSBC, Axis, Barclays, etc. have started quitting their comfortable jobs and decided to join us to support our mission; and this is all because we were able to show the world outside crypto that we are not just another ICO company. While our advisors had appreciated our token sale process and are excited to be part of Cashaa, our product teams have started working on:
- OTC Exchange & CAS Wallet (View Beta Version 1 Coming soon)
- Peer to peer crypto exchange platform
- Integration of CAS into our money transfer marketplace launched two years ago, which is well tested by our beta users with more than 2113 Bitcoins. View MVP
- “World’s first banking wallet which will enable to save, spend and transfer money to 210 countries within minutes”. As we are shaping the world class team with additional hires from leading financial and tech companies, momentum is building up to start delivering the components leading to the launch of our banking wallet which is our key product to revolutionise the financial world. View the white paper
Note: We will soon release our detailed roadmap. Meanwhile you can see the progress of each project through our developer portal.
Cashaa’s vision is to empower billions of people, and we are grateful for the MasterCard team to extend their support to create a next generation banking wallet. Due to the involvement of such reputed institutions we cannot take the risk of doing anything speculatively or just for marketing as long as we do not have a good alignment of teams and we are sure we have done everything right. Our ambition to give the world a product that can benefit billions of average consumers is the reason that lead us to compromise our deadlines. Many companies, which are building card products and have raised huge amounts during their token sales without following AML policies, have been left in uncertainty after VISA has cancelled the license of its own trusted principal member WaveCrest.
Cashaa was born with a purpose and it’s prepared to bring financial inclusion to the billions of people who are the victims of a slow, intermediary and corrupt banking system. Our “fight” is with the world’s most powerful entities (banks), thus we cannot afford to make even a single mistake. To win this “fight”, we will need many supporters; from our community members and reputed institutions who want to support the masses. With every passing day and support I have received, it feels we are getting closer to reaching our goal.
Best wishes to Cashaa family!
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Handy links:
Website: https://cashaa.com
Whitepaper summary: https://cashaa.com/pdf/cashaa.pdf
Telegram chat: https://t.me/CashaaLtd
Twitter: https://twitter.com/CashaaLTD
Facebook: https://www.facebook.com/cashaaLtd/
Linkedin: https://www.linkedin.com/company/cashaa/
Reddit: https://www.reddit.com/r/Cashaa
Youtube: https://www.youtube.com/CashaaLtd
