We are excited to launch the Cashaa OTC exchange on May 12th to empower the CAS believers as per our roadmap. Cashaa’s over-the-counter account exchange will provide similar services like Coinbase where the buyer can buy and store tokens. All CAS purchases will be made with 0% transaction fee, with a great user experience and 24/7 customer support.

As Cashaa is strongly driven by our community’s voice and its welfare, we decided to expedite the launch of our exchange by dividing it into three phases to cater the challenges being faced by the community.

Phase 1: OTC & Wallet : Buy CAS with BTC and ETH

In the current release, users will be able to buy CAS tokens without any fear of losing it to 3rd party exchanges, at 0 withdrawal fee. The service will be similar to how users buy Bitcoin from Coinbase, without much complexity and with a flat price.

During our token sale, Cashaa became quite popular among non-crypto users and 40% of contributions came in fiat. The current version will help all such non-sophisticated users to buy and hold CAS tokens.

However, we are already listed on HitBTC . Which is one of the top 10 crypto exchanges in the world. In the beginning, the withdrawal fee from this exchange was quite high and we managed to cut down the fees to half, which is 358 CAS. This release will also address the withdrawal fees issue from HitBTC, as CAS buyers on CAS OTC will be able to withdraw CAS with 0 fee.

Our service will also include features like Referral bonus and complete KYC (existing Cashaa users will be able to use the service without having to go through the KYC process once more).

Phase 2: OTC & Wallet : Buy and Sell CAS

Our team was ready to launch the OTC (scheduled for Q2) before the timeline and was excited to launch in Q1 2018, but suddenly the regulatory environment in India took an unexpected turn. The recent circular released by RBI whereby they prohibit all banks and financial institutions to deal with firms handling cryptocurrency has resulted in a lot of chaos and confusion in the market along with negative publicity.

The reasoning given by our advisors for putting it on hold is since CAS is a utility token (to be on the safer side) lawyers compared it with existing products like the IBM Cloud Credits used by IBM to sell its cloud computing capability; but IBM does not buy the IBM Cloud Credits back from its users.

To ensure that this does not affect Cashaa as a financial institution, we have put the sell functionality of CAS token on hold for now and will release it as soon as we get some clarity on the regulatory front.

Phase 3: P2P Exchange

We expect that within a month we will have clarity on the new regulations and based on that we will enable the phase 2 feature in the OTC and also as part of phase 3 we will roll out the full version of peer to peer crypto exchange.

Click Here to view Cashaa OTC Exchange

Team Cashaa

The Next Generation Banking Platform for The Next Billion