Cashlink is a decentralised, peer-to-peer payment network that allows users to deposit and withdraw funds from Web3 applications like Binance easily.
Binance, the largest cryptocurrency exchange by trading volume, has integrated Cashlink, allowing Nigerian customers to deposit and withdraw funds in Naira. In an official statement, Binance disclosed that it had added this fiat gateway for the Nigerian Naira (NGN) to increase crypto adoption and mainstream accessibility.
Cashlink has onboarded over 3000 merchants who successfully completed compliance verification. With a pilot on Bundle Africa, Cashlink processed over 1.7 million transactions in its first year.
According to the CEO of Bundle Africa, Emmanuel” Babz” Babalola, “Cashlink has been the ship in which Bundlers have been able to move cash in and out of their wallet. We created it to be the Uber for money, and it is a first-of-its-kind peer-to-peer network from the African ecosystem. It is changing the Web3 payment landscape and forging a new path for payment systems.”
Paschal Okeke, Head of Operations, said, “Cashlink has always been a platform that allows people to have more control over their money and thereby gives them the ability to profit from that process. That’s something we took into consideration while building this improved version. In offering “Cashlink as a service” to multiple platforms, that ability multiplies exponentially for our merchants.
Liquidity is the foundation of many businesses, and that’s the foundation we used to build 2.0. As a business, we can’t wait to help other platforms plug in and scale their businesses.”
Cashlink Features
Cahlink has several distinct features that allow it to function effectively as a decentralised payment platform. Some of these features include:
- A proprietary matching algorithm to connect merchants with users. The algorithm uses a combination of artificial intelligence and machine learning to ensure the platform’s efficiency as a payment channel.
- Platform users can hold cash balances in their wallets without creating a bank account.
- An escrow system secures the transaction until both parties have fulfilled the deposit or withdrawal order ensuring safety when using the network.
- An efficient customer service team that responds to inquiries and resolves issues that may arise.
- Security measures, including a thorough verification and identification process for all merchants, to reduce criminal activities.
Cashlink also allows local citizens to make extra income through its Merchant program.
How to deposit NGN on Binance using Cashlink
- Sign into Binance and select deposit from the homepage
- Select Fiat as the deposit means and choose NGN (Nigerian Naira) as the currency you wish to deposit
There are two recommended options provided, and users will need to link either of them to Cashlink for seamless deposits;
Bank Transfer (Cashlink); This requires users to enter their bank name, account number, and contact information. There is a warning that funds will be lost if deposits are made from an account that does not match the verified name on the account.
Read also: Binance to acquire FTX amid current public feud
E-Wallet (Cashlink): This allows users to transfer funds from an electronic wallet with Abeg, Chipper Cash, Get Barter, and Paga supported.
- Enter the amount to deposit between NGN 1000 and NGN 2000000
- Review the summary of the transaction before proceeding to confirm
- Cashlink will present a list of verified merchants, displaying their usernames, p2p orders completed, completion rate, and the average transaction time.
- Select a preferred merchant and send the request
While Cashlink does not charge transaction fees, supported merchants preferred by the user may attract some charges.
Also, all users must complete KYC to make NGN deposits and withdrawals on Binance.
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