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India Will Soon Have Crypto 'Banking' at 22 Physical Locations
Cashaa is teaming with a credit cooperative society to provide cryptocurrency financial services at 22 branches in the north of India.
Updated May 9, 2023, 3:12 a.m. Published Oct 27, 2020, 3:45 p.m.
India's digital assets space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered at physical branches.
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According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country.
A launch is slated for December of this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.
Read more: CoinDCX Becomes First India Exchange to Offer Users Crypto Staking
Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September.
The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and crypto buying and investment.
At launch, UNICAS will list six major cryptocurrencies for purchase with Indian rupees: bitcoin , ether , bitcoin cash (BCH), EOS, litecoin (LTC) and XRP. Binance coin and will also be offered.
The credit cooperative society already has regulatory licenses in India, which will bring Cashaa access to the local market, the post said.
"This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets," said Dinesh Kukreja, managing director of United Multistate Credit Cooperative Society and CEO of UNICAS.
India has been seeing something of a crypto renaissance since the central bank's ban on banking services for digital assets companies was overturned by the Supreme Court in March.
Also read: Amid Confusion About Rules, Indian Crypto Community Pushes for Regulatory Sandbox
Since then, crypto exchanges have reported surging trading interest and volumes, while investors have been flocking to invest in the startups rising in the underserved market.
Hanging over all of this like a dark cloud is the fact that the country's government still hasn't produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards.
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