For investors in India, crypto transactions will no longer have to be conducted exclusively online.
Unicas, a joint venture between Indian online crypto banking platform Cashaa and United Multistate Credit Co-op Society, has established a physical crypto bank branch in Jaipur.
The world’s first crypto financial institution to roll out physical branches will allow users to transact in cryptocurrency and rupees through a single account.
Products include traditional banking services, buying and selling of cryptocurrency as well as instant loans against cryptocurrencies.
Unicas is initially opening its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022.
“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets” said Dinesh Kukreja, CEO of Unicas.
Users will be able to deposit and withdraw through a savings account the way they operate with traditional banks in India. This is the first time a financial institution has enabled cryptocurrency trade through physical branches.
“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 Kumar Gaurav, CEO and Founder of Cashaa.
With the rollout of the initial 14 branches, Unicas aims to onboard 25,000 customers within the first quarter of 2021. Cashaa has already been providing its services to more than 200 crypto exchanges, wallets and startups dealing in crypto.