New Delhi [India], Oct. 12 (ANI): Among the top 100 most influential blockchain companies in the world, Cashaa, has announced the launch of its CAS tokens. The Token Generation Event (TGE) will take place on Nov. 6, with a pre-sale kicking off on Oct. 20.Also Read - Delhi Mundka Fire: DNA Samples to be Taken to Identify Bodies, Helpline and WhatsApp Numbers Launched | Details Inside

The financial crisis revealed significant weaknesses in the existing financial system with more than 3.5 billion people being unbanked or underbanked. They have limited or no opportunities to participate in the global economy. Moreover, transferring money for remittance or money lending across international borders is still complicated, time-consuming and expensive. The existing systems are slow and full of intermediaries, triggering higher exchange rates, weak counter-party risk checking, bureaucracy and extensive paperwork. Also Read - Delhi Mundka Fire: 24 Women, 5 Men Missing; ‘Not a Single Political Representative Visited Hospital’, Rue Relatives

Cashaa, which is building its infrastructure on the Blockchain, utilizes artificial intelligence and biometric systems to empower mainstream adoption of payment and financial products with full security. The open platform approach also allows traditional financial institutions, banks and payment processors to reinvent and connect their products and services on the Blockchain; making them more efficient, convenient and globally accessible. Also Read - Delhi Mundka Fire: Death Toll May Touch 30; CM Kejriwal Announces Rs 10 Lakh Ex Gratia For Kin Of Deceased

“Cashaa started as a blockchain-based international money transfer marketplace and we have seen exponential growth over the past few months. We are now evolving it as a Banking and Payments solutions provider with products for lending, international payments, prepaid cards and insurances,” said Cashaa’s CEO, Kumar Gaurav.

To implement its vision, Cashaa is launching its Token Generation Event (TGE), issuing CAS tokens on the Ethereum Blockchain. CAS token holders will be able to access premium services, creating a credit score, and to participate in the governing mechanism of CAS tokens.

One billion CAS tokens will be generated during the TGE event out of which 51 percent (510,000,000 CAS) will be available for the community. All the unsold tokens will be burned to protect buyers while tokens held by company and team will be locked using smart contract with three years of vesting period.

“The CAS token launch will enable us to expand into new geographies and drive innovation,” Kumar added. (ANI)

This is published unedited from the ANI feed.