Another disruptive technology powered by the Blockchain is set to completely eliminate the outrageously high cost of remittances to Africa. Coin Telegraph Spoke to Kumar Gaurav, Cashaa ’s co-founder & CEO, about how the application can solve Africa’s exorbitant cash transfer transaction costs. On average it costs 10-12% to wire cash to Africa, where there is an estimated 80% of the population without access to banking. This is compounded by the lack of a transparent exchange rate. Needless to say many African households depend on remittances from the diaspora. In fact, in some countries remittances dwarf foreign aid. Cashaa is a peer-to-peer marketplace which enables free cash transfer powered by the Blockchain which can use any kind of digital token or cryptocurrency. The remittance application model is based upon connecting private individuals who wish to send and receive money anywhere in the world. A network of cryptocurrency traders accept the physical cash from the sender in one location and give it to the receiver in another location. Traders then exchange the cash through buying and selling their cryptocurrencies. The money transfer requests are selected and matched through a live bidding process by cryptocurrency traders. Though Cashaa is powered by Bitcoin traders, the platform is cryptocurrency neutral and can eventually operate through whatever digital currency or token the traders prefer. It enables priority money transfers 24/7 in real time, with a transparent exchange rate. This free money transfer service, along with other features, is one that the cash remittance industry has not seen until now. Merging two markets Coin Telegraph asks Kumar Gaurav, Cashaa’s co-founder & CEO, about how the application can solve Africa’s exorbitant cash transfer transaction costs. “We consider ourselves as an Uber of the cash transfer industry. Cashaa is the first to solve the problem of the […]
