Indian market is opening to the endless opportunities of cryptocurrencies and its use in investment and payment methods. Recently an Indian bank is preparing to provide crypto banking services in physical branches. Customers can exchange cryptocurrencies for Indian rupees, open savings accounts with crypto wallets, and much more.
This is because Cashaa and United Multistate Credit Co. Operative Society announced their partnership on Monday.
Dinesh Kukreja Managing Director of United Multistate will continue as the CEO of the Joint Venture, Unicas. “The joint venture, Unicas, will build the world’s first crypto-friendly financial institution with physical branches and operations”
Unicas will also enable traditional and crypto banking services both at the same time both online and through the 22 physically accessible branches across North India. Even though the company initially planned to launch with 34 Operating units but due to the COVID situation had to cut down to 22 units.
Unicas will start its operations in December. Initially account holders will be able to buy and sell cryptocurrencies like (BTC), cashaa (CAS), ethereum (ETH), Binance (BNB), bitcoin cash (BCH), EOS, litecoin (LTC), and ripple (XRP) in cash or with the account balance in Indian rupees.”
Existing branches of United Multistate will be converted into Crypto Lounges for Unicas. Account Holders or Members can walk into these lounges and seek information about the cryptocurrencies or banking services.
The usage of the lounge will be only for bank customers. Non-bank customers will have access to the general material. They also aim to educate customers on investment opportunities, how to use store bitcoins or other cryptocurrencies etc.
Also saving account holders will also be able to hold their cryptocurrencies as collateral against loans, like any other traditional loan.
Crypto lounges will be launched in Delhi, Gujarat, and Rajasthan with access to over 150 million people. Dinesh Kukreja also claimed to rapidly expand to over 100 physical branches by 2021 while increasing their exposure to emerging technologies.