India opens physical crypto bank and targets 100 branches by 2022. A physical crypto bank branch was launched in Jaipur, India, by Unicas, a joint venture between the Indian online crypto banking platform Cashaa and the Unified Multistate Credit Co-op Society.
In October, through its 34 locations in northern India, Multistate announced plans to provide both online and physical crypto banking services. Both fiat and crypto-asset facilities will be available to customers at the bank. Instant digital loans with cryptocurrencies will also be issued by Unicas as collateral.
According to a Cashaa blog post on Dec. 28, the physical crypto bank branch in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021. The Unicas JV is also working toward developing a total of 100 branches by 2022.
For Unicas CEO Dinesh Kukreja, the establishment of physical crypto bank branches will enable the company to offer customized crypto investment products to the local Indian market. With a Unicas savings account, customers can transact in both digital currencies and Indian rupees.
Commenting on the news, Cashaa CEO Kumar Gaurav described the move as a necessary development in the march toward establishing a “digital India.” Gaurav also disclosed that Unicas will demonstrate the convenience and security associated with blockchain adoption.
Highlighting the rationale behind establishing physical crypto bank branches, the Cashaa CEO said that “India is a very social and family-based country where the financial decision is made by the head of the family, which mainly lies in the age group of 40–65 years. This age group needs to see things physically before they believe in anything and that is why we decided to open a minimum of 100 branches which will establish trust about crypto but also educate and [create] awareness about crypto.”
[image: Aditya Siva]