The bank enables customers to transact in both cryptocurrency and the Indian Rupee with options to avail instant loans digitally
Unicas, the collaborative venture between online crypto banking platform Cashaa and the United Multistate Credit Co-op Society, has launched the world’s first physical crypto branch in the Jaipur city of India.
The bank enables users to transact cryptocurrency and the Indian Rupee (INR) through a single account and offers traditional banking services along with buying and selling of cryptocurrency as well as instant loans against cryptocurrencies.
Previously in October, Multistate had announced its plans to offer both online and physical crypto banking services across its 34 locations in northern India. The present launch is part of an initial rollout of 14 crypto bank branches across three states by January 2021. The joint venture is also aiming for a rapid expansion into establishing over 100 branches by 2022.
Unicas CEO Dinesh Kukreja explained that the establishment of physical crypto branches in various locations across the company will enable the company to offer customised crypto investment products to the local Indian market.
He added that amid the rise of cryptocurrency’s reach, a Unicas savings account is more lucrative than a traditional bank account as it allows customers to transact in both digital and fiat currencies.
One of the attractive features of the account being offered by Unicas is the option to avail instant loans digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of INR on their card or bank account. Unicas aims to have at least 25,000 customers on board within the first quarter of 2021.
Cashaa CEO Gaurav Kumar described the move as a crucial milestone in the march towards establishing a “digital India”, a term often being used by the country’s leadership. Kumar also explained that Unicas aimed to showcase the convenience and security associated with adopting blockchain-based solutions.
Highlighting the rationale behind establishing physical crypto branches, Kumar explained that “India is a very social and family-based country where the financial decision is made by the head of the family, which mainly lies in the age group of 40–65 years”.
He continued by saying “This age group needs to see things physically before they believe in anything and that is why we decided to open a minimum of 100 branches which will not only establish trust in crypto but will also create awareness about digital assets”.
The joint venture between Cashaa and the United Multistate co-op society has enabled the merging of United’s decade of experience in Indian traditional finance with Cashaa’s international banking and cryptocurrency experience. It has also allowed Cashaa to jump over regulatory hurdles as the JV allowed Cashaa access to United’s regulatory licenses, its physical branches, and overall banking Infrastructure.