Cashaa, the blockchain-powered ‘Banking Platform for the Next Billion’ has announced that it has successfully sold $18.5 Million worth of tokens by following strict KYC and regulatory compliance. The month-long campaign saw participation from more than 50,881 users including emerging markets all over the globe.
Cashaa token is implemented using public Ethereum standard. Normally a Token sale only takes place in cryptocurrencies, but due to strong regulatory understanding and ability to work closely with payment companies, Cashaa becomes the first token sale that allowed participants to use Paypal, Credit and Debit cards for Fiat to let non-crypto users acquire Cashaa Tokens.
Cashaa KYC process was carried out to regulation approved standards, and as a result, it has rejected $14.34 Million USD from the unqualified applicants. The KYC applications will continue to be reviewed until Jan 5th, 2018.
Commenting on the occasion, Kumar Gaurav, Founder & CEO, Cashaa said, “We are really excited to experience the growing enthusiasm around Cashaa. As a product-driven company, our focus is to solve the problems using disruptive technologies to create products and services for simple and easy to use. Cashaa is utilizing the best of the blockchain industry with the liquidity of regulated national currencies & FOREX industry to build the next-generation banking solution.
Cashaa is creating a better bank, challenging legacy banking by building an app and products with input from our community of users. Our blockchain based platform enables its community to store, save, spend, receive, borrow and get insured, with a simplified user experience in a legally compliant way. Ultimately, Cashaa aims to become a one-stop-shop for financial needs.
India is a big part of our global expansion plans and we are well aligned with our vision of bringing the truly next-generation banking experience for the next billion users in India. We are expected to launch our advanced wallet system in Europe in Q2 and by end of Q3 in India,” Kumar added.
No further tokens are now being sold by Cashaa but new users can register with Cashaa to get the notification for the exchanges where Cashaa Tokens will be listed by 15th January 2018.