Crypto-friendly neo-bank, Cashaa, has partnered with Polygon, a layer two solution on ethereum-compatible blockchain, to release a bridge that will allow users to quickly move their CAS tokens from Binance Smart Chain to the Polygon network.
CAS is the native coin of the Cashaa platform, which offers functions such as speedy processing, discounted set up fees, cheaper international wire cost, rebate in exchange and transaction fees.
Cashaa aims to help crypto businesses access banking infrastructure, and the neo-bank has started rolling out personal accounts across the globe, starting with India.
For this, the neo-bank has tied up with Polygon to reduce the ethereum network fee, which is becoming a bottleneck for small transactions on the network, while at the same time for the enhanced security provided by the network.
Using the bridge, CAS holders will be able to leverage Polygon’s full-stack scaling to minimize transaction fees while transacting with CAS and gain access to Polygon’s DeFi ecosystem. Moreover, CAS holders will also be able to stake CAS on the Polygon network to earn up to 30% annually, which will be rewarded in CAS and MATIC tokens.
Matic, is the native currency of Polygon (formerly Matic Network), which was co-founded in 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
“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 CEO, Cashaa.
Cashaa will be implementing MATIC tokens in the following products: Cashaa Earn, which earns up to 14% annual interest on deposits; Cashaa Lend, a loan solution of 0% interest rates on cryptocurrency-collateralized fiat loans on bitcoin, Cashaa, ether and matic.