Though there is still uncertainty around the regulatory status of cryptocurrencies in India, the digital currency industry is seeing continuous growth in the country. Now users in India will be able to access crypto financial services at different physical locations as well. The United Kingdom-based cryptocurrency banking firm Cashaa has announced in a blog post on Tuesday a new Joint Venture which will allow Indian users to easily access digital currency banking services across various physical banking branches.
As per the blog post, the firm has collaborated with The United Multistate Credit Co. Operative Society for developing this new Joint Venture known as UNICAS. The task of this Joint Venture will be to create the first cryptocurrency-friendly financial institution in the world which will have physical branches as well. UNICAS will make available both digital currency banking services as well as traditional banking services across twenty-two physical branches in North India. These services will also be available to users online as well.
Most of the people in India have been misguided regarding using crypto as an online product and therefore, they only trust those products which are suggested by the government or they see by themselves, said the Chief Executive Officer (CEO) and Founder of Cashaa Kumar Gaurav. And, still, Cash is preferred in the country. Gaurav said that they plan to address these problems by launching UNICAS. It will ultimately accelerate digital currency adoption in the country of India.
Also read:Initially, only a few cryptocurrencies will be available for trading. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Cashaa (CAS), and EOS. Users will be allowed to purchase and sell these digital assets at the time of launch.
Users will be able to get loans against digital currencies, gold, and real estate. They can purchase digital assets with cash in physical branches. Moreover, they will be allowed to open saving accounts with cryptocurrency wallets.
The operations of UNICAS are expected to begin in the month of December 2020. Currently, these services will be made accessible at only 22 physical locations however Cashaa plans to expand them to more than 100 branches by the year 2022.
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