A cryptocurrency bank has started to open physical branches in India through a joint venture between Cashaa and United Multistate Cooperative. Customers can open bank accounts, buy and sell cryptocurrencies, obtain crypto-backed loans, and learn about crypto.
Crypto Bank opens physical branch
Unicas, a crypto bank jointly established by Cashaa and United Multistate Credit Co. Operative Society, has begun to open physical branches in India. The bank announced on Monday that it opened its first branch in Jaipur.
“Unicas will initially open services online through NCR, 14 branches in Rajasthan and Gujarat before January 2021, and plans to rapidly expand to 100 branches before the end of 2022.” Unicas CEO Dinesh Kukreja said: “This will enable us to build, expand and provide customized financial and crypto products for the local Indian market.”
A Cashaa spokesperson told news.Bitcoin.com, “The next 13 branches will be launched between January 4 and 22.” He also shared some details of the 14 branches, including their Address and phone number.
The announcement continued: “Unicas plans to attract 25,000 customers in the first quarter of 2021,”
Unicas will provide banking services for legal assets and encrypted assets. Services include savings accounts, cryptocurrency exchange, crypto loans and debit cards to consume cryptocurrency. Users can obtain instant loans digitally by storing encrypted assets in the Unicas wallet and requesting the equivalent INR in 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 provided by blockchain technology.”
His company has been providing online banking services to more than 200 crypto exchanges, wallets and startups engaged in crypto trading. The announcement also added that the joint venture enables Casaa to “obtain United Airlines’ regulatory license for its physical branches and the entire banking infrastructure.”
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Picture Credits: Shutterstock, Pixabay, Wiki Commons, Cashaa
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