Crypto Bank Goes Mainstream in India as Unicas Opens Live Physical Branches
December 31, 2020 6:13 AM
A crypto bank has begun opening physical branches in India through a joint venture between Cashaa and United Multistate co-op society. Customers can open bank accounts, buy and sell cryptocurrencies, obtain crypto-backed loans, as well as learn about crypto.
The first branch has opened in Jaipur, the bank announced Monday.
“Unicas is initially opening its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022,”
The announcement details. Unicas CEO Dinesh Kukreja commented that “This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets.”
A spokesperson for Cashaa told news.Bitcoin.com that
“The next 13 branches will all be rolled out between 4 – 22 January.”
He also shared some details of the 14 branches, including their addresses and phone numbers.
Noting that “Unicas aims to onboard 25,000 customers within the first quarter of 2021,” the announcement continues:
Unicas will be providing banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of INR on their card or bank account.
Cashaa CEO Kumar Gaurav explained that besides banking, “Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers.”
His company has been providing online banking services to more than 200 crypto exchanges, wallets, and startups dealing in crypto. The announcement adds that the joint venture enables Cashaa to “access United’s regulatory licenses, its physical branches, and overall banking Infrastructure.”