Cashaa Partners With Polygon To Release Defi Solution For Masses
Cashaa recently moved some of its products to the Polygon network to decrease the cost of the transaction to serve the masses
By Prabhjeet Bhatla •
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Cashaa, a crypto-friendly neo-bank has partnered with Polygon, a layer two solution on Ethereum-compatible blockchain that has been helping crypto businesses access crucial banking infrastructure that has transacted billions of dollars using its solution. As part of Cashaa's vision to empower individuals to take control of their finances and access the latest in DeFi technologies. Cashaa started to roll out personal accounts across the globe — starting with India, the company shared.
"Cashaa has been continuously scaling and now entering into giving personal accounts to increase the adoption of its CAS token which requires cheaper transaction cost. Association with Polygon is another step towards the same," said Kumar Gaurav, founder, and chief executive officer, Cashaa.
Cashaa has made this move to reduce the network fee which is becoming a bottleneck for small transactions on Ethereum network, but at the same time, Ethereum has the best security. To solve the dual problem of speed and security it partnered with Polygon. Cashaa will release a bridge that allows users to quickly move their CAS tokens from Binance Smart Chain to Polygon network. Using the bridge, CAS holders will be able to leverage Polygon's ultra-efficient full-stack scaling to minimize transaction fees while transacting with CAS and gain access to Polygon's growing DeFi ecosystem. CAS holders will also be able to stake CAS on the Polygon network to earn up to 30 per cent APR — rewarded in CAS and MATIC tokens.
"I feel proud that Cashaa started its personal account release from India to help the crypto community. Cashaa recently moved some of its products to the Polygon network to decrease the cost of the transaction to serve the masses. Congratulations on the release," shared Sandeep Nailwal, co-founder, Polygon (Previously Matic)
Cashaa will also be implementing MATIC tokens in Cashaa Earn as it will support a variety of popular fiat currencies such as USD, EURO, GBP, INR and crypto such as BTC, ETH, USDT, MATIC, etc and Cashaa Lend as Cashaa is committed to supporting the global crypto economy and has designed a unique loan solution of 0 per cent interest rates on cryptocurrency-collateralized fiat loans on Bitcoin, Cashaa, Ether and Matic. With this, users can take out loans to purchase products from over 2,000 partner retailers — including Apple, Amazon, Flipkart, or take Cash on cards like MasterCard or Visa—with zero interest due.
The DeFi philosophy becomes more real with Polygon's lower network fees, near-instant transaction speeds. However, scalability is the key USP for Cashaa to bring their applications to Polygon. DeFi composability is equally prominent. The high number of applications already using Polygon's full-stack scaling solutions bring opportunities to inter-operate and get supported while supporting themselves.
