The simplest way to buy and sell btc for remittance partners with no exposure to volatility.
Applicant name: Custodial Management Solutions Ltd
Innovation Name: CASHIN.STORE
Innovation Type: Product
Website: http://WWW.CASHIN.STORE
Mission: The simplest way to buy and sell btc for remittance partners with no exposure to volatility.
Innovation Description: CMS Partnered with Cashin.Store to get a new innovation into the UK MSB sector.
Cashin allows Business to buy and sell BTC in simple way.
Previously the vendor and the buyer of BTC required that they each have a blockchain wallet that normally sits on a different wallet platform. Thus the uptake with previous systems was slow.
CASHIN provides an email wallet immediately after the app is downloaded from the Play and Apple stores.
95% of store that are using the app are MSB’s, they can now serve a new indistry sector, in addition they can use their cash flow to lower costs, and provide liquidity to payout locations when beneficiaries cash out or buy in payout country.
Cashin is not a remmitance system it is complimentary product to the MSB sector, it does provide an easy entry for small and medium companies. Thus maintaining a diverse industry a level playing field for all with low cost entry point with no exposure to btc volatility.
Status of Innovation: In-market
Innovation Active Since: 07/21/2019
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: UK
Year Founded: 2018
Main Category
Main Category Choice: Technology Innovation
Why do you think you should win this category?:
CASHIN is an app based innvoation that brings seller and buyer into one ecosytem. Thus it has a potentail of the transfer of value between 2 people.
It solves the lack of secondary income in MSB locations, it can potentially solve the issue of cash supply in payout locations. No exposure is incurred as the BTC is bought instantly and sold instantly to market, the stakeholders either a buy a credit value and make money of the credit value with a spread added to the credit value. irrespective of the price of BTC the instant aspect of the transaction in the back AVOIDS exposure to BTC market volatility. Traditional remitting custiomers will be asked by beneficiaries to send BTC. CASHIN is a complimentary serviceto any SME remttance company by providing liquidity to collecting and pay-out locations without transferring funds.
Secondary Category
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
CMS partnered with CASHIN in developing a solution that was simple to use for both seller and vendor. All within the same APP ecosystem, delivered with an exceptional UK and UI design.
The UX of the product makes the product ideal to bridge the fear of entering into the Blockchain Crypto space, it deciphers its complexity into the most basic of business concept that is to buy and sell and make profit. Every sending MTO locations can have a virtual terminal with the need to buying any harware.
The potential is as follows: real data 2019
1 QTR = total transaction value £70,000
MAY total £30,000
3300 transaction in total with acceleration in the last month.
A branch can make 3 % on credit value.
The potentail is huge: 45,000 agent locations in the UK alone with global location accesibility with simple download. Easy to use for all from customers to staff and company back office.
Team Members
Full Name: LUBIN BETANCOURT REYES
Role: Entry to Market Development
Linkedin: https://uk.linkedin.com/in/lubin-betancourt-reyes-020767a
Full Name: Benoit Marzouk
Role: CEO of CASHIN
Link: https://uk.linkedin.com/in/benoitmarzouk
Supporting Links
Entry Representative
Full Name: LUBIN BETANCOURT REYES
Role: Entry to Market Development
