Cryptocurrency is of course a digital currency, meant to be used, held and traded online. However, there are various innovations underway in this area, one of which is setting up physical cryptocurrency bank branches. In fact, the world’s first physical crypto bank branch was recently opened in India, in the city of Jaipur.
This branch was opened by Unicas, which is the first crypto institution in the world to start deploying physical branches. The branch will operate like a regular bank branch, being open for almost nine hours, six days a week. Users will be allowed to transact in cryptocurrencies as well as Indian rupees through a single account, while they will be able to buy and sell cryptocurrencies and obtain loans against cryptocurrencies at branch, in addition to usual banking services. Unicas plans to deploy 14 branches this month, with a view to expanding to 100 branches by 2022. Unicas is a joint venture between Cashaa and cooperative company United Multistate. This allows users to be able to transact in fiat currency and crypto from the same account, while still allowing Cashaa access to banking infrastructure, branches and regulatory licenses held by United.
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Of course, this is not the only way crypto is trying to stand out in the Indian market. Another area that is being targeted is the online gambling space. Gambling has been a popular activity in India for centuries, and now with the advent of online gambling, we are seeing more and more Indians taking an interest in this field over the past year, even though gambling is illegal in the country. Crypto companies are looking to take advantage of this by partnering with numerous online gaming providers to provide various online casino bitcoin opportunities for Indian players. The demand for cryptocurrencies has only helped in this regard, as its various advantages mean that it is quite attractive to various users. Crypto transactions are quite secure, while the ability to buy cryptos using rupees has led many people to want to be able to transact there.
As previously stated, this new branch in Jaipur will be the first crypto bank branch in the world where cryptocurrency can be exchanged at a physical branch. Unicas aims to bring these branches to Tier 1 and Tier 2 cities in India throughout 2021, and they will also look to offer advice to users on how to invest in crypto, as well as the benefits offered. by blockchain technology. Among the services offered by Unicas are debit cards that allow users to spend crypto, while they can also receive instant loans backed by crypto assets, by depositing those assets into a wallet digitally and instantly receiving the credit. equivalent amount in rupees on their card or in their bank account. Cashaa targets 25,000 customers on board in the first quarter of 2021, through the 14 branches that will be set up at that time.
This company is poised to revolutionize the online crypto and fintech industry in India. Unicas is a great opportunity to merge traditional banking services with new and innovative services and solutions provided by cryptocurrencies. Cashaa’s experience in the crypto space, both internationally and nationally, will be crucial in this regard, as she has already provided services to over 200 crypto exchanges, wallets, and startups. It will be interesting to see how the demand for this evolves over the rest of the year, as more and more Indians are interested in cryptocurrencies.
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