The cryptocurrency market is flourishing in India despite the regulatory uncertainty. Unicas, a joint venture between the financial services companies Cashaa and United Multistate Credit Cooperative Society, announced the launch of the world’s first physical branch of a cryptocurrency bank in the Indian city of Jaipur.
In an official announcement, Cashaa mentioned that Unicas is the first crypto bank in the world to open a physical branch. Unicas users will be able to execute transactions in cryptocurrencies and local currency (INR) through the same account. The newly launched crypto bank provides the same services as a traditional bank, including buying and selling of cryptocurrency assets and issuance of loans against digital assets.
Cashaa mentioned that Unicas is planning to expand its services across 14 branches by January 2021. The company is planning to accelerate the expansion of Unicas to open 100 branches by the end of 2022.
Commenting on the announcement, Kumar Gaurav, CEO and Founder of Cashaa, said: “If we are planning to move ahead with the aim of digital India then we cannot hesitate in adopting new technologies and finding innovative ways to bring it to Tier 1 and Tier 2 cities in India. In addition to banking, Unicas will provide information and guidance on the level of convenience and security that blockchain technology offers.”
India’s Rising Cryptocurrency Market
The company is planning to take advantage of India’s rising cryptocurrency market with an ambitious plan to onboard more than 25,000 customers in the first quarter of 2021. Cashaa collaborated with the United Multistate Credit Cooperative Society to use United’s regulatory licenses and its overall banking infrastructure.
“Our joint venture Unicas will be providing banking services for both fiat and crypto-assets. Services include savings accounts, crypto exchange, crypto loans and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of INR on their card or bank account,” Cashaa mentioned in the official post.