Cashaa announced a joint venture as part of its expansion in India. It will work with The United Multistate Credit Cooperative Society, forming UNICAS. Indian users can start using the platform in December 2020.
They are planning to introduce a new banking era:
New banking era is ready to begin in the crypto industry. 🚀
We are happy to announce our joint venture in India with The United – World’s First Crypto-Friendly Branches.🤝 🇮🇳
— Cashaa (@yourCashaa) October 27, 2020
UNICAS will allow people to access both traditional and crypto banking services online and through 22 physical branches spread across north India. In line with this, The United’s existing branches will be transformed into Crypto Lounges.
UNICAS Brings Crypto to Indian Users
In particular, Cashaa highlighted the benefits of this collaboration. These include opening saving accounts with crypto wallets as well as applying for loans against cryptocurrencies, gold, and real estate. Furthermore, users can start investing in crypto, bonds, and fixed deposits through UNICAS. Not to mention that they can also buy crypto assets with cash in its physical bank branches.
Indeed, UNICAS is a strategic move of merging Indian traditional finance with Cashaa’s international banking. Mr. Dinesh Kukreja, The United’s Managing Director and CEO of UNICAS particularly stated that,
We are entering into the future of financial services in India.
As a matter of fact, UNICAS will be the world’s first regulated financial institution with physical branches where users can access crypto products. Initially, account holders will be able to buy and sell Bitcoin (BTC), Cashaa (CAS), Ethereum (ETH), Binance Coin (BNB), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and EOS. They can either use cash to purchase or their account balance in Indian Rupees (INR).
Moreover, Crypto Lounges will be launched first in Delhi, Gujarat, and Rajasthan that covers a population of around 150 million Indians. Mr. Dinesh further added that they are “aiming to rapidly expand to over 100 physical branches by 2021”.
In September, Cashaa had raised $5 million (~35 crores INR) to expand its operations into the Indian market. This came from Dubai-based investment fund O1EX. As it targets to open UNICAS in December, Cashaa is rolling out its global crypto banking platform in the UK and Europe from November 2.