'Probably The Safest To Invest In Crypto Assets' Kumar Gaurav- CEO And Founder, Cashaa- Crypto Friendly Neo-Bank
Considering the fact that investors have made billions of worth of investments in Indian crypto startups, acceptance of cryptocurrency will only infuse the economy with huge FDI.
Q1. With the increase in the number of data leaks, how do you plan to win consumer confidence over a digital system?
The whole idea behind building a banking system on the blockchain backbone is to create a leak-proof digital system. The blockchain is secured through cryptography. Also, it is a decentralized system and is not contained at one location, this together ensures the security and negligible penetration chances. Even if a hacker tries to alter the blockchain, which is decentralized, imagine the amount of computing power he would require. Also, as the word suggests, it is a chain of blocks. Each block contains information on transactions and is linked to the block before it and after it. This would mean that if a hacker had to change it or access it, the same will have to be done for the blocks linked to it, which will go on and on.
Q2. There is a perception that cryptocurrency is only for big players in the market and not for the common man. How true is this?
That is not at all true. Most of the people investing and trading in cryptocurrency are youngsters with an average age of 34 years, belonging to professions like IT, Graduates, finance professionals etc. Youth is always more updated on trends, be it technology or investments. Also, the fact that you can buy a unit of crypto for as low as a rupee itself breaks all the myths. A lot of people still think that if a bitcoin is at INR 40 Lacs, then one needs a minimum of this amount to be a bitcoin investor, which is a misconception.
Q3. How does Cashaa work/ What is Cashaa’s business model?
Cashaa is basically a crypto-friendly neo-bank, offering a revolutionary system in the banking space. The idea behind the brand is to bank the emerging business and crypto economy. The brand aims at providing the counterpart to the traditional banking system in an advanced manner on the blockchain backbone. The model offers one single bank account for fiat and cryptocurrency.
Q4. Who is Cashaa’s target audience?
Business such as entertainment, skilled games, blockchain, crypto, are still underserved and often prohibited from using the traditional banking services. Our aim is to fill the gap in the industry and also replace the traditional banking system with a new age technology based model that is finer, more efficient and secure.
Q5. How risky is it to invest in Cryptocurrency? How can new players go about it?
One thing we can be sure of is that in terms of technical security, it is probably the safest to invest in crypto assets. Any investment would go through a graph. Yes cryptocurrencies are volatile but then more secure and have visionary purpose behind them. These are projects by active tech experts
Q6. How is the government warming up to cryptocurrency?
Given the recent statements by the FM, we are positive about the eventual acceptance of the technology based assets, cryptocurrency. Also, considering the fact that investors have made billions of worth of investments in Indian crypto startups, acceptance of cryptocurrency will only infuse the economy with huge FDI. On contrary, a non acceptance might lead to the rise of cash dealing in the trade which will be even tougher to track.
Q7. What would be your advice to upcoming entrepreneurs in the Cryptocurrency field?
This field is about exploring next gen technology and the projects are aimed at vision beyond one’s comprehension. Hence, if you are a visionary and want to solve the existing financial system and challenge them begin executing your ideas.
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