Cashaa, a crypto-friendly neo-bank, has partnered with Polygon, a layer two solution on Ethereum-compatible blockchain.
“We have been continuously scaling and now entering into giving personal accounts to increase the adoption of its CAS token which requires cheaper transaction cost. Association with Polygon is another step towards the same” said its founder and CEO Kumar Gaurav.
Cashaa has made this move to reduce the network fee which is becoming a bottleneck for small transactions on Ethereum network, but at the same time, Ethereum has the best security, it said. It partnered with Polygon to solve the dual problem of speed and security.
Cashaa will release a bridge that allows users to quickly move their CAS tokens from Binance Smart Chain to Polygon network. Using the bridge, CAS holders will be able to leverage Polygon’s ultra-efficient full-stack scaling to minimize transaction fees while transacting with CAS and gain access to Polygon’s growing DeFi ecosystem. CAS holders will also be able to stake CAS on the Polygon network to earn up to 30% APR — rewarded in CAS and MATIC tokens.
