- Cashaa joins forces with United Multistate Cooperative Society and inaugurates world’s first crypto bank, UNICAS
- UNICAS enables users to transact in cryptocurrency and fiat; open savings account, exchange and get loans against the asset
- It is for the first time in the world that a fintech company enables crypto trading through a physical branch
World’s prime Crypto-Friendly Bank: UNICAS
Cashaa, an online banking platform based on blockchain, has announced the world’s prime ‘Crypto-Friendly’ branch in Jaipur, India. The fintech company took the extraordinary step in a joint venture with United Multistate Cooperative Society. Their crypto bank propels by the name UNICAS. Cashaa joining forces with United Multistate Cooperative Society will enable UNICAS to access the United’s governing permits.
Services offered by UNICAS
UNICAS will enable a user to transact in cryptocurrency and fiat from an account. The facilities offered by the bank includes saving accounts; exchange, loan and debit cards on crypto. The users can deposit crypto assets in the UNICAS Wallet and get an immediate digital loan in rupees over their bank accounts or card. The online co-operations offered by the venture have gone into service since today.
Furthermore, it is planned to set up 14 branches by January 2021, across Rajasthan, Gujarat and the NCR with getting at least 25,000 people on board. The crypto bank also strives to extend itself swiftly by the end of 2022.
Dinesh Kukreja, UNICAS CEO, claims that crypto banks’ extension would produce customised financial and crypto products for the Indian mass!
Cashaa and the United Multistate Cooperative Society
Cashaa was launched in October 2018 and had been providing services to more than 200 crypto wallets, exchanges and startups. The United Multistate Cooperative Society is based in Delhi. It is certified under the Multi-state Cooperative Society Act of 2002. Its services extend in Gujarat, Rajasthan and Delhi 43 branches. The company works subordinate to the Registrar of Societies and provides service to only members. Kukreja mentioned it doesn’t require RBI’s permission.
It is the first time a fintech firm enables cryptocurrency trading through corporal branches. Is Indian traditional finance on a surge to evolve? Yes.
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