Indian bank to provide crypto services across its 34 branches. Indian bank United Multistate Credit Co. Operative Society is looking to expand its banking services to include cryptocurrencies and cryptocurrency products.
United has developed a joint venture called UNICAS with crypto banking service provider Cashaa. The venture aims to provide both online crypto banking services and walk-in services across its 34 physical branches in northern India.
This move by United and Cashaa comes amid India’s uncertain crypto regulations. Although the Supreme Court of India lifted the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies.
UNICAS will allow United account holders to merge cryptocurrency wallets directly with their accounts. Customers will also be able to directly buy Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Cashaa (CAS) by paying in cash or directly from their account. United will also allow its customers to apply for loans against cryptocurrencies once UNICAS launches.
Cryptocurrencies have seen significant adoption in India since the lockdown in March. Many Indian cryptocurrency exchanges reported an increase in their crypto trading volume from 200% to 400%.