Want to make up to 400k monthly as a crypto ninja moving cash up and down the crypto ecosystem?
All you need is just a simple requirement. Be at least 18 years old and a bonafide citizen of Nigeria.
And well, indicate your interest with Binance.
But before going further, let’s take a rundown to see how this opportunity came about in the first place.
In the wake of the CBN ban of cryptocurrency in Nigeria, Binance made a timely intervention by deploying the P2P feature to keep crypto accessible in Nigeria.
Now, after more than one year, P2P now seems like the de facto method for trading crypto in Nigeria.
But issues continue to persist in the area of efficiency for crypto transactions via P2P.
New crypto entrants still hold some level of skepticism based on the legitimacy of many P2P traders.
Plus transaction time is yet to be guaranteed even after many iterations for P2P payments on platforms such as Binance.
Marketplaces can be difficult to control and manage, and Binance is set to change that by taking charge of the process.
Via a pilot test on their sister platform, Bundle, in Nigeria, Binance now believes they can create a network of payment merchants to help them perform crypto payments for users in a more controlled way.
At least that could put to rest the issue of crypto scams and uncertain transaction time via P2P.
So, What is Cashlink?
Cashlink is designed to make P2P payments simple, fast and safe. It automatically matches merchants with cash deposit and withdrawal requests, making sure that users trade with merchants that are ready and legit.
In turn, the merchants earn a guaranteed daily income from fulfilled requests via commission on every transaction. Merchants however, get to set their own fees and could earn more.
You might be thinking how this is different from P2P payments. But there’s a slight difference.
Crypto P2P vs Cashlink
The most significant change that Cashlink brings is the chance to have a cash balance on your Binance wallet.
Before now, you could only have a crypto balance on the Binance platform and then exchange that for other crypto or send to other wallets.
Now, via Cashlink, you can use Binance as a Naira wallet where you hold some funds in local currency and then buy some crypto if you want.
Now, the difference between P2P and Cashlink is that they are both parallel channels for funding your Binance wallet.
While P2P provides the crypto channel, Cashlink provides the local currency channel.
A Cashlink merchant doesn’t have to deal with the price fluctuations of crypto and managing buy and sell prices to make profit.
Al they have to do is provide cash for deposit and withdrawal in and out of the Binance platform.
Also, Binance can now significantly control the transaction time by pushing up merchants that are readily online or that have shown a history of making fast transactions.
Making Money as a Cashlink Merchant
Just think of Cashlink as the POS for the crypto world.
The job of a Cashlink merchant is to provide liquidity for local currency transactions.
So, if a user wants to quickly get Naira into their Binance wallet, a Cashlink merchant provides that.
And if they want to withdraw cash, the same applies.
With this, Binance is positioning to hold the two ends of the stick of crypto and fiat, essentially making the platform a multiverse financial platform.
Even though Binance doesn’t charge any transaction fee directly to Cashlink users, merchants are free to charge a small fee.
As a Cashlink merchant, you make money just like a POS merchant by charging transaction fees on top of whatever amount you are processing for a user.
The more transactions you complete, the more money you can make.
From the platform, I could see Cashlink merchants charging between 100 and 200 Naira per transaction.
If you take away bank charges and any Binance fees, you could end up with around 150 Naira profit per transaction.
Let’s say you do only 10 transactions per day, that’s a 1,500 daily profit which translates to 45,000 Naira in 30 days.
Now, realistically you could do more than that if you are more available and have more cash liquidity to process more transactions on a daily basis.