Cashaa, the world’s first crypto-friendly banking platform, has announced a joint venture with The United Multistate Credit Co. Operative Society. The move is part of its plan to expand to India. The joint venture, UNICAS, will create the world’s first crypto-friendly financial institution with physical branches and operations.
Earlier this year, Cashaa had raised 5 million USD for this venture from O1EX, a Dubai-based investment fund. Cashaa observed a jump of 800 percent in its operations and businesses during the global pandemic.
India’s “first crypto-friendly banking platform”: Cashaa CEO
Cashaa also plans to expand to the US, Africa and the Caribbean. According to Cashaa’s CEO, the company aims to make ‘the first crypto-friendly banking platform’ that is regulated by the Reserve Bank of India (RBI), India’s central bank.
Most Indians are not aware or are misinformed 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.Kumar Gaurav, Founder & CEO, Cashaa
Mr Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, who has been appointed as the CEO of the new UNICAS venture, said, ‘This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets’. Under Kukreja’s tenure, the brand has certainly impacted, hopefully for the better, the lives of millions via financial services. The venture is also a member of NAFCUB – the National Federation of Urban Co-operative Banks and Credit Societies Ltd.
Dinesh Kukreja also mentioned that merging The United’s decade of experience with Indian traditional finance with the international banking experience brought by Cashaa will bring an “enormous transformation to both the crypto industry and Indian fintech”. He also said that The United’s savings bank account holders will also be able to use their cryptocurrencies as collaterals to take loans.
Crypto Lounges in India
With this, over thirty bank branches will be transformed into Crypto Lounges for cryptocurrency education and banking. People will have access to both traditional banking services and crypto banking services not only through the 34 physical branches across north India but also online.
The existing branches of The United will be transformed into crypto lounges. It appears that account holders would be able to buy and sell Bitcoin, Cashaa, Ethereum, and Ripple in Indian Rupees. Initially, the Crypto Lounges would be opened in Delhi, Rajasthan, and Gujarat, and cover a population of nearly 150 million.