A crypto bank has started to open physical branches in India through a joint venture between Cashaa and the cooperative society United Multistate. Clients can open bank accounts, buy and sell cryptocurrencies, obtain cryptocurrency-backed loans and learn more about crypto.
Crypto Bank opens physical branches
Crypto bank Unicas, a joint venture between Cashaa and United Multistate Credit Co. Operative Society, has begun to roll out physical branches in India. The first branch has opened in Jaipur, the bank announced on Monday.
“Unicas will initially open its services online and through 14 branches in NCR, Rajasthan and Gujarat by January 2021, and plans to expand rapidly to 100 branches by the end of 2022,” the announcement said. Unicas CEO Dinesh Kukreja commented, “This allows us to build, scale and offer customized financial and crypto products for the local Indian markets.”
A Cashaa spokesperson told news.Bitcoin.com that “The following 13 branches will all be rolled out between January 4 and 22.” He also shared some details of the 14 branches, including their addresses and telephone numbers.
The announcement continues, “Unicas aims to bring 25,000 customers on board by the first quarter of 2021,” the announcement continued:
Unicas will provide banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan, and debit cards to issue crypto. Users can 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 CEO Kumar Gaurav explained that in addition to banking, “Unicas will also provide information and guidance on the convenience and security that blockchain technology provides.”
His company provides online banking services to more than 200 crypto exchanges, wallets and startups trading crypto. The announcement adds that the joint venture will allow Cashaa “to access United’s regulatory licenses, its physical affiliates and overall banking infrastructure.”
Do you think brick-and-mortar bank branches will help cryptocurrency adoption? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Cashaa
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