The partnership aims to lower the network fees of Ethereum, which is a barrier in micro-network transactions. It also aims to enhance the network's security.
Cashaa, a neo banking company, has collaborated with Polygon, an Ethereum-compatible blockchain, to build a bridge that will let users rapidly exchange their CAS coins to Polygon network from the Binance Smart Chain. CAS, Cashaa platform's native coin, provides features such as low set-up fees, low international wiring costs, faster processing, and transaction and transfer fees rebates.
Cashaa is a neo-bank that intends to help crypto businesses to obtain access to the banking system, and it has started to roll out individual accounts across the globe, initiating in India. For this, Cashaa has collaborated with Polygon in order to reduce the cost of Ethereum network as well as improving the network's protection.
Members of CAS will be allowed to use the bridge to connect to Polygon's Decentralized Financing ecosystem and take use of Polygon's full-stack scalability to decrease transaction costs while trading with CAS. Moreover, CAS holders will be able to stake their tokens on the Polygon infrastructure to earn an annual interest rate of about 30% that can be paid out in MATIC and CAS tokens.
Polygon was founded in year 2017 by Anurag Arjun, Sandeep Nailwal, and Jayanti Kanani, and also its native currency is MATIC (earlier Matic Network). Cashaa's founder and CEO, Kumar Gaurav, stated that the company has been steadily expanding and is now introducing personal accounts to promote the use of its CAS coin, which mandates lower transaction costs. Another step in the right direction is partnering with Polygon.
MATIC tokens would be used by Cashaa for the following products: Cashaa Lend, a 0% interest credit solution for cryptocurrency-collateralized fiat loans in Cashaa, bitcoin, Matic, and ether. Cashaa Earn, that pays up to 14% yearly interest rate on deposits.