UK-based next-generation banking platform Cashaa announced on Thursday it has formed a partnership with Agrello to support a series of decentralized global financial products. Cashaa stated that Agrello provides smart contract agreements, which enables to the platform to expand its range of financial services. Products include insurance, microfinancing, and decentralized trading.
“Cashaa aims to reaching those markets where traditional methods of financing have failed by pioneering financial products to millions of unbanked people across the world. Agrello makes remote contract management a possibility lowering costs and bringing Cashaa’s vision to market faster. Agrello’s ‘self-aware’ agreements can prove two parties entered into a contractual agreement, executed in code and stored on the blockchain. Being self-aware the contracts are able to remind users of their obligations and deadlines and when combined with integrated identity and digital signature services, can enable fast and secure contract conclusion.”
Cashaa also noted Agrello management solutions are effective where the cost of engaging in a business relationship and writing agreements is high compared to the transaction value. Cashaa sees the potential for this technology to bring efficiency gains to decentralised trading on its existing FX platform as well as to enable expansion into other areas such as insurance and micro-financing. Hando Rand, CEO and Co-founder of Agrello, commented:
“We think the Cashaa project is revolutionary in Fintech, it combines the potential of blockchain with vast increasing demand of P2P money transfers worldwide. We see huge potential in cooperation.”
Cashaa added that even existing legacy contracts can be expressed through Agrello’s text-to-code compiler reducing the setup time and costs for Cashaa customers.