First Physical Crypto Banking Branch Opens In Jaipur
Earlier this year, Cashaa, an Indian blockchain-based fintech, announced that it is has partnered with United Multistate Cooperative Society, an Indian credit cooperative society, to launch the crypto bank joint venture UNICAS. And, recently, UNICAS' first physical branch opened in Jaipur. While UNICAS' online services have been live for some time, the JV plans on rolling out as many as 14 physical branches in the near term. Thereafter, UNICAS plans to rapidly expand to 100 branches by the end of 2020. "This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets," said the CEO of UNICAS, Dinesh Kukreja.
UNICAS allows users to transact in cryptocurrency and fiat from one account.
UNICAS users will now "be able to deposit and withdraw through a savings account the way they operate with traditional banks in India. This is the first time in the world a financial institution has enabled cryptocurrency trade through physical branches," according to its recent press release. "If we are planning to move ahead with the aim of digital India then we cannot hesitate in adopting new technologies and finding innovative ways to bring it to Tier 1 and Tier 2 cities in India. In addition to banking, UNICAS will also provide information and guidance on the level of convenience and security that blockchain technology offers," said the CEO and founder of Cashaa, Kumar Gaurav.
The above references an opinion and is for information purposes only. It is not intended to serve as investment or legal advice.