Cashaa And UNICAS to Open First Crypto-Friendly Bank Branches in India, Transforming UNICAS’ Banks into Crypto Lounges
- Open saving accounts with crypto wallets
- Loan towards cryptocurrencies, gold, and actual property
- Invest in cryptocurrencies, Bonds, and stuck deposits
- Rapid enlargement to over 100 branches by 2022
- Buy cryptocurrency with money in bodily branches
“Most Indians are not aware or are miss guided about Cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends. Also, India is still largely a cash-based economy despite a Demonetization drive. With UNICAS Crypto lounges we intend to address both issues which are slowing the process of cryptocurrency adoption in India,” said Kumar Gaurav, Founder & CEO of Cashaa.
The three way partnership will allow Cashaa to entry The United’s regulatory licenses, its bodily branches, and general banking Infrastructure.
“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets,” stated Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, who has been appointed because the CEO of the Unicas enterprise.
UNICAS will allow people to entry conventional banking providers together with crypto banking providers each on-line and thru its 22 bodily branches throughout north India. The United’s present branches shall be remodeled and modernized as Crypto Lounges.
Members can stroll into any of those branches and get educated about Cryptocurrencies together with different Banking providers. Initially account holders will be capable to purchase and promote Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC) and Ripple(XRP) in money or with the account stability in Indian Rupees. The instant plan is to open these Crypto Lounges in Delhi, Gujarat, and Rajasthan masking a inhabitants of 150 million Indians dwelling in these states. ‘We are looking forward to expanding our footprints across other Indian states from there on’ said Mr. Kukreja.
In September, Cashaa had raised 5 Million USD (~35 crores INR) to increase its operations into the Indian market from a Dubai-based funding fund O1EX. During the covid-19 pandemic Cashaa which noticed an 800% bounce in its operations and companies. Mr. Gaurav added ‘‘This made us feel that the moment was ripe for India to start inducting emerging technologies into its banking domain. This is the opportune moment for us to revolutionize the banking space and deliver Indian’s a world-class inclusive banking expertise with cryptocurrencies.’
Under the management of Kukreja, The United has been working since 2012 and has been enhancing the lives of thousands and thousands of Indians by its monetary providers. It is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) vide membership no. 1753 and licensed with ISO 9001:2008 for Quality Management Systems. NAFCUB is an apex National Level Federation of Urban Co-operative Banks and Credit Societies. Currently, the United is offering financial savings accounts, money deposits and withdrawals, a number of bonds, and funding merchandise, and loans (dwelling, gold, and client).
“‘We are entering into the future of financial services in India. Merging our decade of experience with Indian traditional finance with Cashaa’s worldwide banking expertise will convey huge transformation to each Indian fintech and the crypto trade. We are the primary regulated monetary establishment on the earth with bodily branches the place customers can entry crypto merchandise. By rising our publicity to rising applied sciences, we’re aiming to quickly increase to over 100 bodily branches by 2021, using 1000’s of expert professionals in India. Our financial savings checking account holders will even be capable to use their cryptocurrencies as collaterals to take loans, like some other conventional mortgage given by banks, added Kukreja.
UNICAS is well-known Indian monetary establishment that extends credit score amenities to its members adopting “Microfinance” and “Group Financing “clubbed with “co-operative credit”.
Cashaa is the buying and selling identify of Cashaa Technologies Limited, a UK registered firm (No. 11644308) whose registered workplace is at Suite 207 Equitable House Business Centre, 10 Woolwich New Rd, London, England, SE18 6AB.