London-based p2p marketplace Cashaa launched its services in India and Nigeria

Announcements | January 19, 2017 By:

London-based p2p marketplace Cashaa has announced the launch of its services in India and Nigeria.

According to information provided by Cashaa, the service’s testing period resulted in more than 10,000 trader sign-ups, and transfers of some $2 million made using the company’s blockchain-powered platform.

Cashaa’s founder and CEO Kumar Gaurav had last year noted the problem with country-to-country bitcoin remittances. He had explained the hassle of going through the exchanges twice by giving the example of conducting U.S to Ghana remittances, where you have to first change your fiat currency into bitcoin on a U.S. exchange, then send the bitcoin and then use a local exchange in Ghana to convert the bitcoin into Cedi.

To resolve those challenges, Cashaa is creating partnerships with local digital currency traders and exchanges, as well as bitcoin ATMs. The company has also taken a cryptocurrency-neutral approach that should eventually enable it to function using any digital currency traders prefer. The end result is a cash remittance service powered by cryptocurrency trading activity – and a new zero-fee money transfer option for consumers in Nigeria and India.