Reserve Bank of India (India’s Central Bank ) fought to their last breath against crypto firms with a blanket crypto ban till mid of this year, till Supreme Court of India overturned the ban after 2 years. This was a big win for crypto adoption in India for many crypto & blockchain firms who were planning to move their base to Singapore.
The United Multistate Credit Co Operative Society Ltd (UNICAS) on a join venture with Cashaa will build the world’s first crypto institution alongside traditional banking.
UNICAS will enable Indian citizens to access traditional banking with cryptocurrecncy banking services both online and its 22 physical branches in northern parts of India ( states of Delhi, Gujarat, and Rajasthan). They plan on expanding it to 100 branches by 2020. So anyone can walk in to the branch to get more information and buy crypto with Indian currency.
UNICAS plant to transact Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC) and Ripple(XRP) at their branches.
UNICAS plans to start their operations from December 2020 and the services include :
- Open saving accounts with crypto wallets
- Loan against cryptocurrencies, gold, and real estate
- Invest in cryptocurrencies, Bonds, and fixed deposits
- Rapid expansion to over 100 branches by 2022
- Buy cryptocurrency with cash in physical branches
Last month, Cashaa raised 35 crores Indian Rupees ( equivalent to 5 million USD) to expand its operations into Indian market from a Dubai-based investment fund O1EX.
Cashaa which saw an 800% jump in business since March 2020. Mr. Gaurav Kumar CEO of Cashaa ‘‘This made us feel that the moment was ripe for India to start inducting emerging technologies into its banking domain. This is the opportune moment for us to revolutionize the banking space and deliver Indian’s a world-class inclusive banking experience with cryptocurrencies.“
