Cashaa Reduced Its Fees by More Than 50% for Its Indian Crypto Users as Volume Grows Above a Million USD
Cashaa is a London-based banking platform that provides UK current accounts with Mastercard to transact up to 1 Billion GBP in each account. The company has recently also started US Dollar accounts for its clients while the Euro IBAN account is planned for the coming weeks. Cashaa also offers card processing for crypto businesses with fees as low as 2.5% for each transaction.
While Cashaa’s offer is available for businesses worldwide, it always had a strong footprint in India. As of today, the company has a physical presence in 14 countries including India and has become a backbone for the crypto industry due to its vast range of crypto-friendly banking services.
Cashaa was founded by Indian entrepreneurs in 2016 in the UK as a P2P money transfer and crypto trading service with India and the UK as primary markets. Due to demonetization in India, the company pivoted from money transfer service to full banking service focused on crypto business worldwide.
Recently, at the occasion of Diwali, the Indian festival of wealth in Oct 2019, Cashaa opened its doors for its Indian customers to provide a wallet enabling them to buy and sell cryptocurrencies. Cashaa was able to deliver smooth and secure customer experience through its non-custodial crypto wallet, which means it does not keep customers’ crypto in its control, making Cashaa the safest and cheapest place to buy Bitcoin in India.
Cashaa made use of its banking and vast trading network to create a peer to peer model for its INR services which enabled Indian residents to buy and sell BTC, ETH and CAS via bank transfer up to 1.5 Crore INR.
Cashaa’s volume has grown significantly and made company operations profitable in less than 6 weeks in India. As a New Year gift from Cashaa to its India community, the company decided to reduce its service fee from 3.49 % to 1.49%, resulting in a Bitcoin price in INR equal to global giants such as Coinbase or similar reputed services. Users can also pay a fee in CAS token to get a further discount of up to 35%, making the net fee less than 1%. Furthermore, following community requests, the minimum deposit and withdrawal limit has also been reduced from 25,000 to 10,000 INR to make Bitcoin accessible to every Indian investor.