admin
Last updated on August 28th, 2021 at 02:58 pm
A unique crypto-friendly financial institution will launch by the end of the year in India. The project is a joint venture between The United Multistate Credit Co Operative Society and the crypto banking service provider Cashaa.
UNICAS will provide both crypto and fiat currency services. It will be available online as well as in physical branches in northern India. It will be the first crypto neo-bank in the country.
This venture comes amid India’s uncertain crypto regulations. The Reserve Bank of India has put a ban on crypto banking, which was later lifted by the Supreme Court of India. However most banks are still skeptical of providing services in digital currencies.
Cryptocurrency usage has seen a significant rise in 2020. Many Indian cryptocurrency exchanges reported a spike in their crypto trading volume from 200% to 400%.
We are entering into the future of financial services in India. We are the first regulated financial institution in the world with physical branches where users can access crypto products.
Mr. Dinesh Kukreja, MD The United & CEO of UNICAS
UNICAS plans to start their operations from December 2020.
What services will UNICAS provide?
They plant to transact Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC) and Ripple(XRP) at their branches. Customers will be able to open saving accounts with crypto wallets and loan against cryptocurrencies, gold, and real estate. They will also be able to buy cryptocurrency with cash in physical branches. At first, UNICAS will open 22 branches. Their aim is to expand to 100 by 2021, employing many skilled professionals in India.
In September, Cashaa raised 5 Million USD (35 crores INR) to expand its operations into the Indian market from a Dubai-based investment fund O1EX.
