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Unicas: India’s Primary Physical Crypto Banking Branch Making Waves

  • Unicas crypto banking products include conventional banking services, trading of crypto, instant loans against cryptocurrencies.
  • The plan is to open approx. 100 physical crypto banking branches by 2022.

Though the Indian crypto regulations are uncertain, yet new and delightful experiences are still on the move. At the latest, India’s first physical crypto banking branch has opened in the nation’s pink city by Unicas.

Unicas, a new prototype, is a joint venture between Indian online crypto banking service provider “Cashaa” and the “United Multistate Credit co-op society” as per the information on the medium blog.

Reportedly, Unicas is the world’s first crypto financial institution opened in Jaipur, India. The joint venture is going to offer crypto banking services to the cryptocurrency supporters, users, and investors with its online services with physical banking branches. The plan is to open 14 branches by January 2021 that is expected to expand no less than 100 branches at the close of 2022.

The new physical crypto banking branches by Unicas going to allow users “to transact in cryptocurrency and INR or fiat through a single saving account.” Meaning, the offerings include buying and selling cryptocurrencies, 1st time instant digital loans against cryptos as collaterals, including various traditional banking services.

The blog post mentioned a link that shows some pictures of Unicas physical infrastructure.

Now, Indian users are allowed to transact (deposit and withdraw) in crypto via fiat that will eventually enable Unicas to build, scale, and customize its traditional financial and crypto products and services in the local Indian marketplaces. Mr. Dinesh Kukreja, CEO, Unicas noted.

On the other hand, this is a profitable opportunity for Cashaa to have access to United’s regulatory licenses, its physical branches, and overall banking Infrastructure.” Meaning, in Unicas, United account holders are also allowed to transact in cryptocurrencies with direct online wallet integration either in cash directly from their saving account, and hence Cashaa can get immensely profitable.

Earlier in October, amid India’s uncertain crypto regulations, the United Multistate Credit co-op society posted its plans to facilitate the Indian segment that will offer online and physical crypto banking services in at least 34 locations, in the northern region. Reportedly, the move is a part of an expansion plan of Multistate’s banking services which is going to cater cryptocurrency industry by offering lucrative cryptocurrency products and cryptos like Bitcoin (BTC), Ether (Eth), Ripple (XRP), and Cashaa (CAS) on the rollout.

No doubt, since the lockdown, there is a new outbreak of interest in the cryptocurrency space globally, including India. Almost all cryptocurrency exchanges and service providers, trying to capture customers to facilitate their finances while educating them through various means. Thus, the move from Cashaa and Multistate can be seen as a catalyst towards cryptocurrency adoption in local Indian markets including Tier 1 and Tier 2 cities.