CASHAA OTC EXCHANGE GOING LIVE – 0% FEE AND 24/7 SUPPORT
Cashaa’s over-the-counter OTC exchange will provide similar services like Coinbase where the buyer can buy and store tokens. On the 12th of May according to the project roadmap, the Cashaa OTC exchange has been launched. All CAS purchases will be made with 0% transaction fee, with a great user experience and 24/7 customer support. The launch of the exchange will expedite by divIding it into three phases to cater the challenges being faced by the community.
On the first phase, the service will be similar to how users buy Bitcoin from Coinbase, without much complexity and with a flat price. Users will be able to buy CAS tokens without any fear of losing it to 3rd party exchanges, at 0 withdrawal fee. Cashaa’s service will also include features like Referral bonus and complete KYC (existing users will be able to use the service without having to go through the KYC process once more).
The second phase will include the OTC and wallet to buy and sell CAS. The recent circular released by RBI whereby the Indian regulator prohibited all banks and financial institutions to deal with firms handling cryptocurrency, has resulted in a lot of chaos and confusion in the market along with negative publicity. Therefore, the OTC exchange launch hasn’t been done earlier.
The reasoning given by Cashaa’s advisors for putting it on hold is since CAS is a utility token, lawyers compared it with existing products like the IBM Cloud Credits used by IBM to sell its cloud computing capability; but IBM does not buy the IBM Cloud Credits back from its users. To ensure that this does not affect Cashaa as a financial institution, Cashaa put the sell functionality of CAS token on hold for now and will release it as soon as they get some clarity on the regulatory front.
The third phase includes the P2P Exchange: Cashaa’s team expects that within a month they will have clarity on the new regulations and based on that, Cashaa will enable the phase 2 features in the OTC and also as part of phase 3, they will roll out the full version of a peer to peer crypto exchange.
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