Unicas, a joint venture between the Indian online crypto banking platform Cashaa and United Multistate Credit Co-op Society launched a physical crypto bank branch in Jaipur, India.
In October, Multistate announced plans to offer both online and physical crypto banking in its 34 locations in North India.
Users can access both fiat and crypto asset services at the bank. Unicas will also provide direct digital loans with cryptocurrencies as collateral.
According to a Cashaa blog post on Dec. 28, the physical cryptobank branch in Jaipur will be part of an initial rollout in 14 locations in three states by the end of January 2021. The Unicas JV is also working towards the creation of a total of 100 branches by 2022.
For Unicas CEO Dinesh Kukreja, the creation of brick-and-mortar crypto branches enables the company to offer tailor-made crypto investment products to the local Indian market. With a Unicas savings account, customers can make transactions in both digital currency and Indian rupees.
Commenting on the news, Cashaa CEO Kumar Gaurav described the move as a necessary development in the march towards establishing a ‘digital India’. Gaurav has also revealed that Unicas will demonstrate the convenience and security of blockchain adoption.
The Cashaa CEO stressed the rationale behind the creation of physical crypto branches and told Cointelegraph:
“India is a very social and family country where the financial decision is made by the head of the family, who is mainly in the 40-65 age group. This age group needs to see things physically before they believe in anything and so we decided to open a minimum of 100 branches that will instill confidence about crypto, as well as education and [create] awareness about crypto. “
Despite regulatory uncertainty, cryptocurrency acceptance in India is on the rise, especially in the peer-to-peer trading arena. Meanwhile, the government is reportedly watching imposing taxes on Bitcoin transactions.