Cashaa Slashes Fee Rates by 50% to Promote Cryptocurrencies in India
With the start of a new decade, the crypto community is aspiring to achieve new heights of success in the financial marketspace by exploring the untrodden areas. Despite being a developing country, India has been a favorite choice for businesses worldwide owing to the immense potential the country has to offer to make any project a success. Cryptocurrencies have proliferated into all the major economies of the world in the past few years, though, India has been quite reluctant to bring them into the mainstream.
The Reserve bank of India has adopted a strict “no-no” policy for cryptocurrencies. Amid such unwelcoming take towards the virtual currencies, there are certain platforms that have played a major role in bridging the gap between Indians and cryptocurrencies. One such organization is a globally renowned banking giant, Cashaa. Headquartered in London, Cashaa was the brainwork of Indian entrepreneurs living in the UK. The dedicated team of professionals took some strategically important steps in popularizing crypto in India.
Cashaa stepped in the Indian subcontinent as a renowned crypto player and facilitated purchasing, selling, managing, and trading of cryptocurrencies for the interested investors in a secure and reliable manner. During the demonetization phase in India, Cashaa offered full banking services to its investors. In October, Cashaa offered a non-custodial crypto wallet platform to its Indian customers for convenient buying and selling of digital currencies. Cashaa takes pride in being one of the safest and the most economical wallets present in the marketspace. It offers a P2P model for the INR services allowing investors to indulge in the purchase and sale of BTC, ETH, CAS through bank transfers for a maximum of 1.5 crore INR.
According to the latest reports released by Cashaa, the platform has been enjoying a surge in the trading volume of cryptocurrencies in India within six weeks span since it initiated INR deposits and withdrawal. The figures have touched the whopping mark of more than $1 million since the launch of INR services in October. To celebrate the success, Cashaa has slashed its fees by over 50% and is also gearing up to lend support to five more digital currencies for the Indian clients. The service fee has been brought down from 3.49% to 1.49%. “We are working to take down fees more in the coming quarters,” said Janina Lowisz, the co-founder of Cashaa.
The official stated that the users who pay in CAS and have a subscription plan have to pay a meagre fee of 0.97%, which is quite less to other P2P markets extracting a 5-7% premium in India. To popularize Bitcoin payments, Cashaa has reduced the minimum withdrawal limit from 25,000 INR to 10,000 INR.
Lowisz also stated that “We can expect USDT live by mid-January … bitcoin cash will be added in the next release in the coming quarter… After bitcoin cash, the following coins will be added: litecoin, EOS, and XRP, expected by the end of March 2020.”
With its suite of excellent offerings, Cashaa has managed to expand its operations in 14 countries, including Mumbai in India. As the crypto industry struggles to survive in India because of RBI’s ban imposed in April last year, Cashaa has been quite active in catering to the requirements of the crypto enthusiasts all this while.
