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  /  May-18   /  One of 2017’s Most Successful Token Sales Drives Forward Its Community-Driven Banking Platform

One of 2017’s Most Successful Token Sales Drives Forward Its Community-Driven Banking Platform

One of 2017’s Most Successful Token Sales Drives Forward Its Community-Driven Banking Platform

In 2017 Cashaa raised over $33million, making it one of the most successful token sales of the year. Since then, they have come a long way in a short time and due to the increased popularity of token sales, making it increasingly difficult for anyone to raise in this way today, Cashaa’s Founder & CEO, Kumar Gaurav, decided to share the team’s experience and give hints and tips about how entrepreneurs today can achieve their desired outcome in this highly sought-after way of fundraising.

Giving the Best Bitcoin & Ether Value

For Kumar Gaurav, community always comes first. After their auditing was complete, Cashaa 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 instead passed 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 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, they knew they could afford to have a loose compliance, which they named as comparable to a suicide mission.

Whereas other financial institutions’ token sales with a huge market cap have not followed it, for Cashaa to become a fully licensed financial institution, knowing its source of funds was 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, they rejected US$14.77 million (43%) of this money due to their strict internal anti-money laundering and know-your-customer policies. This process not only decreased the total funds collected and the number of their community members, but in the end, this resulted in a community which is built on solid foundational principles.

Distributing the rejected participants’ CAS to the community

During the token sale, Cashaa offered KYC bonuses to anyone who provided all the required data to smoothen their KYC process. Going further to reward those community members who want to drive the industry by legit means, Cashaa decided that the 192 Million CAS which got available due to failures 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 their Community Members

Cashaa was one of the top token sales where more than 40% of funds have been raised in USD instead of 100% crypto. Cashaa added direct card payments to make the process smoother for those who are new to the crypto world, but this brought some challenges to educate many participants on how to handle ERC20 wallets. The Cashaa team reports they had to spend an enormous time making sure the new users do not lose their tokens. They started a test token program where they 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 sales, Cashaa took 1489 ETH address change requests very seriously which also added delays in the execution of this year’s roadmap.

When will CAS be listed on more exchanges?

Cashaa was in the token distribution process till now and many exchanges do not list the tokens until the distribution gets completed. They 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 their OTC trading desk starting from 12th May 2018.

Why is the OTC Exchange launch delayed?

Cashaa was all set to roll out their 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, therefore Cashaa did not want to do anything in a rush, which can threaten that chance. The team decided to review the legal aspects and make sure they do not have any issues while Cashaa community admins were continuing with beta testing.

Anyone interested can also join the “Cashaa Knights” admins group here and get early access to all the Cashaa products.

Cashaa worked on limited resources to clear the compliance issues before touching the funds received and 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, together with proactive community members who decided to take responsibility to become Telegram admins to fight FUD and keep the spirit of Cashaa alive.

There are 8,513 supporters out of 53,381 who successfully became part of the foundation of Cashaa and showed their valuable trust and belief in the team and gave the opportunity to make it grow and flourish.

Eventually, Cashaa now would like to announce the successful completion of the token sale process, as well as the expansion of their team to 28 members in the last 3 months, which will grow further to 49 by the end of June, to deliver the roadmap.

People from top banks and technology companies like HSBC, Axis, Barclays, etc. have started quitting their comfortable jobs and decided to join Cashaa to support its mission due to its outstanding process so far, making it a great example among token sales. While their advisors had appreciated the token sale process and are excited to be part of Cashaa, their product teams have started working on:

  1. OTC Exchange & CAS Wallet (View Beta Version 1 Coming soon)
  2. Peer to peer crypto exchange platform
  3. 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
  4. World’s first banking wallet which will enable to save, spend and transfer money to 210 countries within minutes”. As a world-class team with additional hires from leading financial and tech companies are forming, momentum is building up to start delivering the components leading to the launch of the banking wallet which is the key product to revolutionize the financial world. View the white paper

Cashaa will soon release his detailed roadmap. In the meanwhile, anyone interested can see the progress of each project through our developer portal.

Cashaa’s vision is to empower billions of people and is working with MasterCard team to extend their support to create a next-generation banking wallet. Due to the involvement of such reputed institutions, Cashaa cannot take the risk to involve in anything speculative or doing anything for the sole purpose of marketing and instead wants to focus on a good alignment of teams until they are sure they have done everything right.

Cashaa’s ambition to give the world a product that can benefit billions of average consumers is the reason that made them compromise their 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 canceled the license of its own trusted principal member Wavecrest.

Cashaa was born with a purpose and it is prepared to bring financial inclusion to the billions of people who are the victims of a slow, intermediary and corrupt banking system. Their “fight” is with the world’s most powerful entities (banks), thus they are aware they cannot afford to make even a single mistake. To win this “fight”, they will need many supporters from their community members and reputed institutions who want to support the masses, about whom Kumar Gaurav notes that “with every passing day and support I have received, it feels we are getting closer to reaching our goal”.

 

 

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