UNICAS is launching the world’s first crypto bank through a joint venture between Cashaa, and the United Multistate Credit Co-op Society. The joint venture has enabled Cashaa to access United Multistate’s regulatory licenses, physical branches, and the overall banking infrastructure. The initial rollout of the online crypto bank will include 14 physical branches by January 2021 with later on expanding to 100 branches by 2022.
Unicas to Launch 14 Physical Branches in India
This is the first time in the world that a traditional bank has enabled cryptocurrency trading through its physical branches.
Customers of the bank can open banking accounts to buy and sell cryptocurrencies in INR through a single account. They will be able to deposit and withdraw cryptocurrencies through a savings account in a similar way to that of traditional banks in India.
Users can also obtain instant loans through cryptocurrencies. They will receive the crypto-backed loans by depositing the digital assets in the Unicas wallet with later on receiving the equivalent value of INR on their card or bank account.
Other services include savings accounts, crypto exchange, and debit cards for spending the cryptocurrencies.
In a statement, CEO and Founder of Cashaa, Kumar Gaurav, said:
“In addition to banking, Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers.”
With the initial rollout of the 14 physical branches, Unicas will onboard 25,000 customers within the first quarter of 2021.
Transforming the Indian Fintech and Crypto Industry
The joint venture intends to merge United Multistate’s decade of experience in the Indian banking industry with Cashaa’s international banking and crypto experience to transform the Indian fintech and crypto industry.
CEO of Unicas, Dinesh Kukreja, adds:
“This will allow us to build, scale, and offer customised financial and crypto products for the Indian market.”
Cashaa has already been providing its crypto services to over more than 200 crypto exchanges, wallets, and other crypto firms.