Indian crypto financial institution opens bodily location, eyes 100 branches by 2022
Unicas, a joint venture between the Indian online crypto banking platform Cashaa and the United Multistate Credit Co-op Society, has opened a branch for physical crypto banks in Jaipur, India.
Back in October, Multistate had announced plans to offer both online and physical crypto banking services at its 34 locations in northern India.
Users can access both fiat and crypto asset services from the bank. Unicas will also provide instant digital loans with cryptocurrencies as collateral.
According to a Cashaa blog post on December 28, the branch of the physical crypto bank in Jaipur is part of an initial rollout to 14 locations in three states before the end of January 2021. The joint venture Unicas is also working on the establishment of a total of 100 branches by 2022.
For Dinesh Kukreja, CEO of Unicas, the establishment of branches for physical crypto banks enables the company to offer tailored crypto investment products to the local Indian market. With a Unicas savings account, customers can conduct transactions in both digital currencies and Indian rupees.
Cashaa CEO Kumar Gaurav commented on the news as a necessary development on the path to building a "digital India". Gaurav also announced that Unicas will demonstrate the convenience and security of blockchain adoption.
The Cashaa CEO highlighted the reasons for setting up physical crypto banking branches and told Cointelegraph:
“India is a very social and family-oriented country, where the financial decision is made by the head of the family, who is mostly in the 40 to 65 age group. This age group has to see things physically before they believe in anything. That is why we have decided to open at least 100 branches that create trust in crypto, but also create education about crypto and create this. "
Despite regulatory uncertainties, crypto adoption is increasing in India, especially in peer-to-peer trading. In the meantime, the government reportedly wants to levy taxes on Bitcoin transactions.