Cashero is a blockchain-based payment eco-system, providing a secure platform for high-yield savings, multi-currency wallets and instant, fee-free internal and cross border payments. Cashero recognises the appeal and need for cash, but that inflation, high remittance fees and payment friction are a problem for users. Cashero was founded in 2020 following 2 years of idea conceptualisation, research and specification analysis to solve these problems.
The Directors have been involved in blockchain and cryptocurrency technology for over 10 years and have brought their experience and knowledge together to solve a global savings and transfer issue, that is a particular concern in developing countries where reliable financial infrastructure is lacking.
How Cashero works:
1.Individuals and businesses from 130 countries can access and potentially download the Cashero app and create an account after completing the KYC. They deposit their local currency into their multi-currency wallet using bank transfer, debit and credit card or Apple Pay.
2. The wallet balance is converted into USDC, a centralised stablecoin, by Circle. USDC is a collateralized crypto version of the US dollar (1 USDC is pegged to 1 USD).
3. In the backend our Yield Farming Protocol puts user’s funds to work, reviewing centralised and decentralised finance platforms like Compound to decide where to deposit user’s funds for the best yield.
4. Users can exchange between USD, GBP and EUR. They can send, request and instantly receive payments from across the world.
5. Cashero users can withdraw their balance and interest earned at any time. The user’s funds are converted from a stablecoin back to their local currency and transferred back to the user’s bank account using Cashero’s payment service provider Circle.
This enables users to access a bank account with no minimum deposit required and provides them with interest rates and the ability to exchange and transfer funds globally, thereby providing financial infrastructure via a mobile device.
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Overview of the Opportunity
Mobile technology continues to make a significant contribution to the global economy. In 2019, mobile technologies and services generated $4.1 trillion of economic value added (4.7% of GDP) globally. This figure will approach $5 trillion (4.9% of GDP) by 2024 as countries increasingly benefit from the improvements in productivity and efficiency brought about by increased take-up of mobile services. Further ahead, 5G technologies are expected to contribute $2.2 trillion to the global economy between 2024 and 2034. Key sectors such as manufacturing/utilities (particularly in China) and professional/financial services (especially in MENA and North America) will benefit the most from the new technology.
Each year, the connectivity gap continues to close, with almost 1 billion additional people being covered by mobile broadband networks over the last five years. However, factors other than infrastructure are holding back the adoption consumer readiness, and availability of locally relevant content and services. These barriers will slowly be overcome though, and by 2025 an additional 1.2 billion people will start using mobile internet for the first time, which will bring the total number of mobile internet subscribers globally to 5 billion (over 60% of the population).
With this growth in connectivity, individuals are increasingly using mobile technology to access an array of life-enhancing services, including banking and ancillary services that contribute to and catalyse the achievement of the UN Sustainable Development Goals (SDGs). This includes helping people realise the full benefits of accessing health information, public services, and digital payments, and leveraging new technologies to reduce pollution, improve resilience to climate change and increase energy efficiency.
It is clear to Cashero, the GSMA and researchers world-wide that the digital payment ecosystem is evolving, whilst the mobile market is pushing forward simultaneously creating a perfect storm. With the future of banking moving to more digital payments, Cashero will lodge itself in the right markets and sectors, at the right time. With GDP and population growth also increasing ,the timing of Cashero’s launch and effectiveness will promote massive user acquisition across the target continents.