Unicas, a joint venture between Indian online crypto-banking platform Cashaa and United Multistate Credit Co-op Society, has spear a physical crypto bank branch in Jaipur, India.
In October, Multistate announced plans to offer online and physical crypto banking services at its 34 locations in northern India.
Users will be able to access both the bank’s fiat and crypto-asset services. Unicas will also provide instant digital loans with cryptocurrencies as collateral.
According to a December 28 Cashaa blog post, the crypto bank‘s physical branch in Jaipur is part of an initial rollout to 14 locations in three states by the end of January 2021. JV Unicas is also working on creating a total of 100 branches. by 2022.
For Unicas CEO Dinesh Kukreja, establishing physical crypto bank branches will allow the company to offer personalized crypto investment products to the local Indian market. With a Unicas savings account, customers can transact in digital currencies and Indian rupees.
Commenting on the news, Cashaa CEO Kumar Gaurav described the move as a necessary development in the march towards establishing a “digital India”. Gaurav also revealed that Unicas will showcase the convenience and security associated with blockchain adoption.
Emphasizing the rationale for establishing physical branches of crypto-banks, the CEO of Cashaa told Cointelegraph:
“India is a very social and family country where the financial decision is made by the head of the family, who is mainly in the 40-65 age group. This age group needs to see things physically before they believe in anything and that is why we have decided to open a minimum of 100 branches that will build trust in crypto but also educate and [create] crypto awareness.
Despite regulatory uncertainty, the adoption of crypto in India is increasing, especially in the area of peer-to-peer commerce. Meanwhile, the government is reportedly looking to impose taxes on Bitcoin transactions.