By Eurasia Business News – January 2, 2021
Unicas, a joint venture between the Indian crypto banking platform Cashaa and the United Multistate Credit Co-op Society, has opened physical crypto bank office in Jaipur, India.
Customers can transact in cryptocurrency and fiat currencies from their single account. The services include savings accounts, crypto exchange, crypto loan and debit cards to spend crypto. Users can receive an instant loan digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of Indian Rupee (INR) on their card or bank account.
The joint venture will enable Cashaa to access theUnited Multistate Credit’s regulatory licenses, its physical branches, and overall banking Infrastructure.
As Cashaa announced through a press release on December 28, “Unicas is the world’s first crypto financial institution to roll out physical branches.“
The joint venture Unicas plans to open 14 physical branches in January 2021 and rapid expansion to 100 branches by 2022 accross India.
“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets” said Mr. Dinesh Kukreja, CEO of Unicas.
Unicas aims to onboard 25,000 customers within the first quarter of 2021. Cashaa has already been providing its services to more than 200 crypto exchanges, wallets and startups dealing in crypto.
Users will be able to deposit and withdraw through a savings account the way they operate with traditional banks in India. This is the first time in the world a financial institution has enabled cryptocurrency trade through physical branches.
“In addition to banking, Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers” said Kumar Gaurav, CEO and Founder of Cashaa.
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