Cashaa, a crypto-friendly neo-bank, has collaborated with Polygon, an Ethereum-compatible layer two solutions, to develop a bridge that will allow customers to rapidly shift their CAS tokens from Binance Smart Chain to the Polygon network.
CAS is the native coin of the Cashaa platform, which provides features like faster processing, lower set-up fees, lower international transfer costs, exchange reimbursements, and transaction fees.
Cashaa Collaborates With Polygon for DeFi Solutions
Cashaa’s goal is to assist crypto companies to gain access to banking infrastructure, and the neo-bank has begun rolling out personal accounts throughout the world, beginning with India.
The neo-bank has collaborated with Polygon to lower the Ethereum network cost, which is creating a bottleneck for minor transactions on the network, while also benefiting from the network’s increased security.
CAS holders will be able to use the bridge to take advantage of Polygon’s full-stack scalability to reduce transaction costs when dealing with CAS and get access to Polygon’s DeFi ecosystem.
Furthermore, CAS holders will be able to stake CAS on the Polygon network to earn up to 30% yearly interest, which will be awarded in CAS and MATIC tokens.
Matic is the native currency of Polygon (previously Matic Network), which was co-founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
“Cashaa has been continually expanding and is now introducing personal accounts to promote the adoption of its CAS token, which necessitates lower transaction costs. The collaboration with Polygon is another step in that direction,” said Kumar Gaurav, Cashaa’s founder, and CEO.
Cashaa Will Use MATIC Tokens
Cashaa will use MATIC tokens in the following products: Cashaa Earn, which yields up to 14 percent annual interest on deposits; Cashaa Lend, a lending solution with 0% interest rates on cryptocurrency-collateralized fiat loans on bitcoin, Cashaa, ether, and MATIC.
Over the last two years, Cashaa has onboarded over 250 crypto-native firms that have transacted over $1 billion utilizing the Cashaa service.