Unicas launches the first-ever physical crypto banking branch in India
- The bank will offer traditional banking, buying and selling of crypto, and loans against crypto.
- Unicas aims to open 13 more physical crypto banking branches before the end of January 2021.
- Per Cashaa’s CEO, adopting new technologies is key to building Tier 1 and Tier 2 cities.
Unicas, a joint venture between Cashaa and the United Multistate co-op society, has rolled a physical crypto bank branch in Jaipur, India. The Cashaa team unveiled this bullish news through a blog post on December 29, noting that the physical bank branch is located at C-52, Keshav Enclave, Janpath, Lal Kothi, Jaipur, 302015, Rajasthan. Through this launch, Unicas has become the first organization in the world to open a physical crypto bank.
The bank will allow users to transact in cryptocurrencies and Indian Rupees through one account. Products offered include traditional banking, buying and selling of digital currencies, and instant loans against cryptocurrencies.
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While the Jaipur branch is the first one, Unicas seeks to roll out 13 more branches in NCR, Rajasthan, and Gujarat by January 2021. With this move, the bank seeks to acquire more than 25,000 users by the end of Q1 2021. On top of this, the organization plans to expand the number of physical crypto bank branches to 100 by the end of 2022.
Embracing new technologies to digitise India
Commenting on this launch, Cashaa’s CEO, Kumar Gaurav, said that besides banking, Unicas is also committed to counsel people to adopt the blockchain technology citing various benefits and security it offers.
In his opinion,
“If we are planning to move ahead with the aim of digital India then we cannot hesitate in adopting new technologies and finding innovative ways to bring it to Tier 1 and Tier 2 cities in India.”
Unicas will be providing banking services for both fiat and cryptocurrencies. The bank’s services include savings accounts, crypto exchange, crypto loans, and debit cards to spend crypto. To receive a loan digitally, its users are required to deposit crypto in the Unicas wallet first and then they can request the equivalent value of INR on their card or bank account.
This partnership will blend United Multistate co-op society’s 10-year experience in Indian traditional finance with Cashaa’s international and crypto banking experience. As such, Unicas is poised to revolutionize the Indian FinTech space as well as the crypto industry. Before this launch, Cashaa has a record of providing its services to over 200 crypto exchanges, wallets, and startups.
This news comes after Cashaa announced in October that it would launch 22 physical crypto bank branches before the end of 2020. Explaining why this move was necessary, Gaurav said that on top of India being a cash-based economy, most Indians are either not aware or are misguided about cryptocurrencies. As such, they trust the government’s outlook on the nascent asset class. According to him, Unicas bank branches would help address these issues, paving the way for the mass adoption of cryptocurrencies.