Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries.
Cashaa offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often struggle to receive these services from traditional banks. It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts.
These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS, Cashaa’s native token (about $1,500 at press time).
Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa’s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.
Open up a bearer asset account among your separate network. Then pass around the bank pass code with trades, a SecureID system with simple 'no double spend' rules can manage the account pass codes properly.
I mentioned this before with Open Banking, it is all digital. There are points in open banking where a biometric is needed. Those points we cannot automate. Basically those are the points when assets get passed across bank boundaries. The bearer cash rules can isolate biometrics on single account and specify biometrics for entry and exit.
Inside the bearer cash network they may not have SecureID, so they use a short block chain and a miners market. In that case you need multi-sig to manipulate the account. But if there is a central multi-sig to the Swift, there are extra steps to entry and exit.
And so on, there are more than one way to skin this cat. That is because I am assuming transaction costs zero**. Let me raise that to positive and find the equilibrium is to just validate the personal processor at the foundry when absolute verification is needed. Then everything, mostly, becomes point to point digital cash.
** Transaction costs are not congestion fees. They are the actual cost of automated mechanics of transfers, like the transportation and security costs of managing ATM machines. In sandbox we sometimes mail keys in USB thumbnails, we pay a secure transmission line back to the foundry, and we likely hire a human for entry and exit verification in high limit networks. The cost of tamper proofing the smart cards.
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