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With the fiat gateway from Cashaa, Binance Chain projects will be able to allow their users to buy and sell tokens in four popular fiat currencies: US Dollar, Sterling Pound, Euro, and Indian Rupee.
United Kingdom-based “neo-bank” Cashaa has developed a fiat gateway for blockchain software system Binance Chain developed by Binance to provide BEP2 tokens direct access with the world’s most liquid national currencies.
In a document provided to Coinspeaker for observation, the company made it clear that with its integration, with the solution from Cashaa Binance Chain projects are immediately going to be able to allow their users to buy and sell tokens in four popular world’s currencies: US Dollar, Sterling Pound, Euro, and Indian Rupees.
Cashaa’s BEP2 gateway will link the Binance Chain with the UK Faster Payments System (FPS), Single Euro Payment Area network (SEPA), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS) as well as Society for Worldwide Interbank Financial Telecommunications (SWIFT) for countries where the local network is not integrated, while the U.S. local payment network Automated Clearing House (ACH) and Wire will be connected in the coming month.
What Cashaa Offers to Binance Chain
Cashaa’s BEP2 gateway will also enable businesses to use the BEP2 gateway to build other financial products such as payment utility, payment gateway for merchants, issue debit and credit cards to spend their BEP2 tokens, and many more. As the native token of the Cashaa platform is CAS, it will be required to use company’s services, for example, to activate crypto with a national banking network, discount on transaction fees, etc.
As they say from the company, they are pretty much aware that the global financial crisis revealed significant weaknesses in the existing financial system and some of the vulnerabilities already have shown their impact on the interconnected global market.
As per their Whitepaper:
“Existing systems running on traditional banking channels are slow and complex with full of intermediaries, higher exchange rates, counterparty risks, bureaucracy and extensive paperwork. A lot of people are still unbanked or underbanked and have few opportunities to have a safe and secure way to participate in the global economy.”
The company says their belief is there should be an efficient alternative to the existing payments and banking system and are thereby working over some fundamental principles dedicated to bank the unbanked by providing better support for easy adoption of future money.
Onboarding Crypto Was a Huge Challenge
Earlier this year, the company launched a “Crypto Business/Broker” account to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and Fifth Money Laundering Directive (5AMLD).
The Fifth Money Laundering Directive (5AMLD) became compulsory for European states from 10th Jan 2020, resulting in FCA to become the AML and CTF supervisor for crypto businesses.
They have more than 1000 crypto companies applied, mostly looking for a bank account and credit/debit card processing facility. However, they had to turn down 80% of the applications because the businesses did not understand AML and CFT rules.
KYC Through Intrusive Due Diligence
Cashaa’s “Crypto Business/Broker” account will have coded policies and systems to mitigate the risk of the business being used for money laundering or terrorist financing. The company integrated the KYC system for individual and corporate entities within the account for due diligence of each sender/receiver when doing transactions. There are three levels of the KYC system that will do intrusive due diligence, known as enhanced due diligence when dealing with customers who may present a higher money laundering/terrorist finance risk, also including PEP (Politically Exposed Person) checks.
Kumar Gaurav, CEO Cashaa commented:
“We have put our experience of dealing with hundreds of crypto businesses and extended our capabilities through technology to our customers to give them the freedom to innovate with minimum worrying about the new FCA rules or 5AMLD.”
Businesses, therefore, can get a crypto broker account for Pound Sterling (GBP) and Euro (EUR). Great Britain and Lithuania IBAN (International Bank Account Number) accounts with a unique reference number will enable FPS (Faster Payments Service), CHAPS (Clearing House Automated Payment System), SEPA (Single Euro Payments Area) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) payments, allowing 3rd party payments up to 200 Million GBP.
Moreover, there is no monthly fee. So, small crypto companies can enjoy the benefits of the product.