-360x180.jpg)
A crypto bank has begun opening physical branches in India through a joint venture between Cashaa and United Multistate co-op society. Customers can open bank accounts, buy and sell cryptocurrencies, obtain crypto-backed loans, as well as learn about crypto.
Crypto Bank Opens Physical Branches
Crypto bank Unicas, a joint venture between Cashaa and United Multistate Credit Co. Operative Society, has begun rolling out physical branches in India. The first branch has opened in Jaipur, the bank announced Monday.
“Unicas is initially opening its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022,” the announcement details. Unicas CEO Dinesh Kukreja commented that “This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets.”
A spokesperson for Cashaa told news.Bitcoin.com that “The next 13 branches will all be rolled out between 4 – 22 January.” He also shared some details of the 14 branches, including their addresses and phone numbers.
Noting that “Unicas aims to onboard 25,000 customers within the first quarter of 2021,” the announcement continues:
Unicas will be providing banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan 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 CEO Kumar Gaurav explained that besides banking, “Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers.”
His company has been providing online banking services to more than 200 crypto exchanges, wallets, and startups dealing in crypto. The announcement adds that the joint venture enables Cashaa to “access United’s regulatory licenses, its physical branches, and overall banking Infrastructure.”
Do you think physical bank branches will help crypto adoption? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Cashaa
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
