Will Cashin disrupt the bitcoin ATM industry?
Cashin is a fast-growing startup based in London in the bitcoin space: they’ve created a platform to cost-effectively buy bitcoins in local stores (40% cheaper than bitcoin ATMs on average).
How does it work? Simply with a tablet or a smartphone, the retailer facilitates the transaction.
This network of retailers, many of whom are Bureaus de Change, are currently active in East and West London with beta testers using the App.
CEO Benoit Marzouk believes that the barrier to adopt bitcoin is education and access.
He believes that despite the current noise in the mainstream media, and the thousands of industry enthusiasts, only easy access and a better UX would be the way to encourage mass adoption.
With just 3 clicks and £5, Cashin allows users to be part of the action and own bitcoin.
We asked Benoit about what their Unique Selling Point is compared to existing bitcoin ATM providers. His response in short: low costs. “We have cut network fees when our users choose to top up with our online wallet solution, the PayPal of cryptos. For example, our competitors charge up to 15% including the network fee, whereas we charge under 5%, which is lower than any other bitcoin ATM on the market. Our maintenance fees are also very low, since we don’t have any bulky hardware, choosing instead to work only in software and aiming to be crypto agnostic.”
We also asked Benoit about his thoughts on bitcoin regulation.
“Regulation is good for bitcoin. We need consumer protection, and when we look at Japan – the most advanced country for bitcoin adoption – their Financial Services Authority recently shut down two exchanges over lack of anti-money-laundering processes. This proves that it’s possible to embrace decentralised money at the same time as fixing specific rules.”
What is Cashin’s policy in terms of AML and KYC process?
“A user may top up amounts up to £500 with cash or payment cards without being identified. For sums higher than that limit, they will simply need to scan their ID and take a selfie to be identified.
Above £15,000 a year they will need to provide documentation. Coes Solution Ltd is working with us to define the right process and is writing our internal policy”
When do you plan to be live?
“We are closing a round of funding on Crowdcube to grow our team and also to add more cryptos. We plan to be live in June on both the Play and Apple Store”
Isn’t it easier to simply buy cryptos online?
“For the vast majority of the non-tech-savvy population, buying cryptos online can be daunting. Registering on an exchange is just too complex for many, and the process for ICOs is even more challenging. We can simplify all of these as Cashin becomes a platform to aggregate any blockchain wallet with the KYC process needing to be done just once.”
What’s next for Cashin?
“We are still looking for investors and partners, so please get in touch to find out more at www.Cashin.store”
What is Cashin’s long-term goal?
“To be the bricks and mortar crypto global exchange and provide an end-to-end solution especially for emerging countries. This is why we are partnering with 7 Mobile in Angola with their 405 points of sale in 5 countries in Africa.”