Cashaa, a blockchain-based fintech, has teamed up with United Multistate Cooperative Society, a cooperative credit society, to launch crypto-banking joint venture UNICAS that allows users to transact in cryptocurrency and fiat from a single account.
While UNICAS online services are already online, up to 14 physical branches will be deployed by January 2021 in NCR, Rajasthan and Gujarat.
UNICAS plans to rapidly expand to 100 branches by the end of 2022. “This will allow us to create, scale and deliver customized financial and crypto products for the Indian market,” said Dinesh Kukreja, CEO of UNICAS, in a press release.
The joint venture will give Cashaa access to United’s regulatory licenses, its physical branches and the overall banking infrastructure. United Multistate Cooperative is registered in Delhi under the Multi-State Cooperative Society Act 2002 and serves Gujarat, Rajasthan and Delhi with a network of 43 branches.
As a multi-state cooperative credit society working under the authority of the Registrar of Companies and providing services only to members, United Multistate Cooperative Society does not need permission from the RBI, Kukreja said.
Users will be able to deposit and withdraw through a savings account, as they work with traditional banks in India. This is the first time in the world that a financial institution has allowed cryptocurrency trading through physical branches.
âIf we plan to move forward with the goal of a digital India, we cannot hesitate to embrace new technologies and find innovative ways to bring them to Tier 1 and Tier 2 cities. in India. In addition to banking services, UNICAS will also provide information and advice on the level of convenience and security offered by blockchain technology. said Kumar Gaurav, CEO and founder of Cashaa.
In India, cryptocurrency is currently unregulated. Recall that in March of this year, a bench of three Supreme Court judges revoked a decision by the Reserve Bank of India (RBI) prohibiting any entity from processing or engaging in cryptocurrency transactions.
UNICAS will provide banking services for fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan, and debit cards for spending crypto. Users can receive an instant loan digitally by depositing crypto assets into the UNICAS wallet and requesting the equivalent value in rupees on their card or bank account.
The joint venture merges United’s decade of experience in traditional Indian finance with Cashaa’s international banking and cryptocurrency experience to transform both the Indian fintech space and the crypto industry.
With the deployment of the first 14 branches, UNICAS aims to welcome 25,000 customers in the first quarter of 2021. Cashaa, launched in October 2018, has already provided its services to more than 200 crypto exchanges, wallets and start-ups dealing with the crypto.