UNICAS-Crypto Bank Begin in India
CBW -External Analyst
Jan, 14 2021
Cashaa, through a joint project with United Multistate co-op society, has established the world’s first crypto bank that allows users to transact in cryptocurrency and fiat from one account. The JV will modify Cashaa to access United’s regulatory licenses, its physical branches, and overall banking Infrastructure.
Unicas is initially starting its work online and from 14 branches crossways Rajasthan, NCR, and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022. This will let us scale, build, and offer customized financial and crypto products for the national Indian markets, said Mr. Dinesh Kukreja, CEO of Unicas.
Users will be capable to deposit and drawback through a savings account the way they function with traditional banks in India. This is the foremost time in the world a financial institution has modified cryptocurrency commerce through physical branches.
If we are thinking to move ahead with the purpose of digital India then we cannot pause in choosing new technologies and determining innovative ways to convey it to Tier 1 and Tier 2 cities in India. In an increase in banking, Unicas will also render information and counseling on the level of comfort and security that Blockchain technology turned. Stated Kumar Gaurav, CEO, and Founder of Cashaa.
Unicas will render banking services for both fiat and crypto-assets. Services consider savings accounts, crypto loans, crypto exchange, and debit cards to use crypto.
The cooperative venture is blending United’s decade of happening in Indian traditional finance with Cashaa international banking and cryptocurrency happening to transform both the Indian fintech space and the crypto business.
The ruling out of 14 branches, Unicas aims to onboard 25,000 clients within the initial quarter of 2021. Cashaa has already been using its services to more than 200 crypto transactions, startups, and wallets direction in crypto.
CBW - External Analyst