Unicas, a joint venture between Indian cryptocurrency banking platform Cashaa and the US Multi-Credit Co-operative Society, has opened a branch of a physical cryptocurrency bank in Jaipur, India.
Back in October, Multistate announced plans to offer online banking and physical crypto services at its 34 locations in North India.
Users will have access to both the bank’s securities and cryptocurrency asset services. Unicas will also offer instant digital loans with cryptocurrencies as collateral.
According to the Cashaa Blog of December 28, the crypto bank’s physical branch in Jaipur is part of an IPO in 14 locations across three states until the end of January 2021. Unica JV is also working to create a total of 100 branches. By 2022
According to Unicas CEO Dinesh Kukreji, the opening of physical branches of cryptocurrency banks will enable the company to offer dedicated investment products for cryptocurrencies in the local Indian market. With a Unicas Savings Account, clients can trade digital currency and the Indian rupee.
Commenting on the news, President Cashaa Kumar Gaurav described the move as a necessary step towards creating a “digital India”. Gaurav also announced that Unicas will demonstrate the convenience and security of a blockchain application.
Cashaa chief told Cointelegraph that the rationale for opening physical branches of crypto banks confirms the point:
“India is a very social and familial country, where the economic decision is made by the head of the family, who mostly belongs to the age group 40-65. This age group needs to see things physically before they can believe anything, which is why we decided to open at least 100 branches of That would inspire confidence in the cryptocurrency, but also educate and [create] awareness of cryptocurrencies. ”
Despite the regulatory uncertainty, cryptocurrencies in India are growing, particularly in the realm of peer-to-peer trading. Meanwhile, the government is said to be on the verge of imposing a tax on Bitcoin transactions.