Cashaa, the banking platform, has significantly increased cryptocurrency trading volume in India, since it has begun offering Indian rupee (INR) deposits and withdrawals. The platform has already reduced its commissions by more than 50%, also it is preparing to add for Indian customers 5 cryptocurrencies more – investment resource has got to know.
On Monday, London-located banking platform Cashaa has informed that its trading volume in India has grown to over $1 mln for less than 6 weeks, since the company has begun providing INR services in October, on the occasion of Diwali, the Hindu festival of lights.
Now the platform has cut its service fee from 3,49% to 1,49%. Besides, users, paying fees in the CAS token, can get additional discount, bringing their net fees down to less than 1%. The representative of Cashaa says:
“Today in India all the P2P markets are having a premium of 5-7%, while at Cashaa the fee is much lower. And those users, who pay by CAS and have a subscription, are to pay a fee just of 0,97%. Since the commission has been reduced, our volume has increased by 400% due to existing brokers, who are using Cashaa for purchases and Paxful, Local Bitcoins and other P2P markets for sales.”
Cashaa was founded in the Great Britain (GB) by Indian businessmen in 2016 as P2P money transfer and cryptocurrency trading service. Its basic markets are Britain and India. Also, at the current moment the company`s offices physically locate in 14 countries, including Mumbai, India.
“Now in India there is no access to cryptocurrencies through banking operations. However, thanks to our partnership relations, unique technologies, access to banking networks worldwide we are enabling INR deposit and withdrawals up to 250,000 USD (United States dollar) equivalent of INR/ month”, – Cashaa claims. Although, this function is available only for Indian citizens, holding not less than 2500 CAS tokens on their wallets.
India’s central bank, the Reserve Bank of India (RBI), imposed a banking restriction on the crypto industry in last April, prohibiting regulated financial organizations from providing services to crypto businesses. As a result, banks closed accounts of cryptocurrency exchanges. The ban has been challenged in the supreme court which is expected to resume hearing the case in January. Meanwhile, several Indian crypto exchanges are also offering P2P trading.