Well-known cryptocurrency bank Cashaa is teaming up with The United Multistate Credit Co. Operative Society (UNICAS) as part of its India expansion plan. The two companies will soon build the world’s first crypto-friendly financial institution with physical branches and operations globally, starting in India. They plan to transform existing brick-and-mortar UNICAS branches into sleek modernised ‘crypto lounges’.
The move will now allow Indian citizens to:
- Open saving accounts with crypto wallets
- Loan against cryptocurrencies, gold, and real estate
- Invest in cryptocurrencies, Bonds, and fixed deposits
- Rapid expansion to over 100 branches by 2022
- Buy cryptocurrency with cash in physical 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,” stated Kumar Gaurav, Founder & CEO of Cashaa.
The joint venture will enable Cashaa to access The United’s regulatory licenses, its physical branches, and overall banking Infrastructure.
“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets,” said Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, who has been appointed as the CEO of the Unicas venture.
UNICAS will enable people to access traditional banking services along with crypto banking services both online and through its 22 physical branches across north India. The United’s existing branches will be transformed and modernized as Crypto Lounges.
Members can walk into any of these branches and get educated about Cryptocurrencies along with other Banking services. Initially account holders will be able to buy and sell Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC) and Ripple(XRP) in cash or with the account balance in Indian Rupees. The immediate plan is to open these Crypto Lounges in Delhi, Gujarat, and Rajasthan covering a population of 150 million Indians living in these states. ‘We are looking forward to expanding our footprints across other Indian states from there on’ stated Mr. Kukreja.
In September, Cashaa had raised 5 Million USD (~35 crores INR) to expand its operations into the Indian market from a Dubai-based investment fund O1EX. During the covid-19 pandemic Cashaa which saw an 800% jump in its operations and businesses. 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 experience with cryptocurrencies.’
Under the leadership of Kukreja, The United has been operating since 2012 and has been improving the lives of millions of Indians through its financial services. It is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) vide membership no. 1753 and certified 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 providing savings accounts, cash deposits and withdrawals, multiple bonds, and investment products, and loans (home, gold, and consumer).
“‘We are entering into the future of financial services in India. Merging our decade of experience with Indian traditional finance with Cashaa’s international banking experience will bring enormous transformation to both Indian fintech and the crypto industry. We are the first regulated financial institution in the world with physical branches where users can access crypto products. By increasing our exposure to emerging technologies, we are aiming to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India. Our savings bank account holders will also be able to use their cryptocurrencies as collaterals to take loans, like any other traditional loan given by banks, added Kukreja.
UNICAS is well known Indian financial institution that extends credit facilities to its members adopting “Microfinance” and “Group Financing “clubbed with “co-operative credit”.
Cashaa is the trading name of Cashaa Technologies Limited, a UK registered company (No. 11644308) whose registered office is at Suite 207 Equitable House Business Centre, 10 Woolwich New Rd, London, England, SE18 6AB.