Denarii Cash which was launched in 2018, as a utility token that focused on deconstructing the supply chain of cash, is powered by Stellar and Ethereum. As it was defined in the early stages, Denarii Cash is a multi-cryptocurrency blockchain payment wallet that allows user to manage cryptocurrency, pay bills, and accept payment and more.
Denarii cash created, DCASH which is a utility token that powers denarii cash wallet. Users get DCASH token for every transaction they made in the wallet and can be use to access the wallet and other services. DCASH token is also use to to become a cashpoint partner “Denarii CASHPOINT” . Denarii Cashpoint are often described as “human local ATM machines” for the local community. This cashpoint partner can be anyone that dispenses cash in return of cryptocurrency credit and token as a reward.
The company had verified 20 Cashpoint Partners from Saudi, UAE, Bahrain and Australia as well as partnered with OKLink.com, Paylance.com, Rebit.ph and ECCPay to power crypto liquidity, bills payment and crypto remittance
In an article in Wamda they stated that Denarii cash was implementing Blockchain to transfer money accelerating financial inclusion in the MENA, using 15 plus currencies as well as Ethereum and Bitcoin. The Founders of the startup are Jon Santillan and Denver Chua, both Filipino entrepreneurs. The Founders had told Wamda, “We built Denarii Cash wallet with the consumer in mind, so that any average user can use it.”
The process starts by installing the Denarii Cash wallet for iOS and Android. Then, the user needs to open his wallet and find a Cashpoint partner with a set fee within his range. Cashpoints can be individual people or small retail establishments like convenience stores. Upon meeting, the Cashpoint collects the cash deposit of the user for example, and transmits the equivalent amount in Bitcoin into the user’s Denarii Cash wallet, while charging a small fee in the process. The fee could be a flat one of 10-15 Emirati Dirhams (US$ 2.7 – $4), or one percent “which we recommend to our Cashpoint partners. This goes to the Cashpoint partners and only a portion of it goes to us which we use to operate our startup,” he said.
In March 2019 Denarri Cash was chosen by 500StartupsMENA and Misk500 accelerator program in Riyadh KSA.
In May 2020 Denarii Cash partnered with Gcash in Philippines where Filipino workers in UAE can send money to their families in the Philippines without any transaction fee. OFWs can download the Denarii Cash app from Play Store or App Store and add their recipient’s GCash details on the app. Denarii Cash also offers several ways for the OFWs to pay their transfer so they can send money as soon as they need to. The recipient will immediately receive the money in their GCash account.
“We believe that Filipinos deserve a faster, cheaper and safer option to send to their families back home especially at a time like this. We partnered with GCash, the number one mobile wallet in the Philippines, because we think that both companies share the same vision,” says Denarii Cash founder, Jon Santillan.
Denarii Cash is one of the leading cross-border money transfer apps in UAE that takes care of OFWs’ money-sending and bills payment needs. It was founded by a team of OFWs with most of its employees being OFWs as well. Denarii Cash is also looking to expand their services across the Middle East so more OFWs can experience the same benefits.
GCash is operated by Mynt and a partnership between Ayala Globe, and Ant Financial. It is a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. It currently has 20 million subscribers and more than 70K merchant partners that allow cashless transactions.