United Multi State Credit Co-Operative Society LTD and Cashaa created UNICAS, the first physical bank for Bitcoin and cryptocurrencies in India, despite the country not having clear regulations for this industry.
Over the weekend, the financial institution United Multi State Credit Co-Operative Society LTD and the digital financial services platform for cryptocurrencies Cashaa They inaugurated the first physical headquarters of a bank for Bitcoin (BTC) and several of the main ones cryptocurrencies, existing on the market. Established under the name of UNIQUE, this is the first crypto bank to open a physical headquarters in India, specifically in the city of Jaipur, where the first branch of this bank was installed.
UNICAS was created with the aim of allowing citizens of the country to make payments and transactions with several of the most solid and well-known cryptocurrencies on the market in an easy and simple way through a single account. In addition, UNICAS offers cryptocurrency buying and selling services from its branch, loans with cryptocurrencies as collateral, plastic cards for the use of cryptocurrencies, as well as other traditional banking services.
Likewise, in the release According to a statement from the companies, shared by Cashaa, the entities informed the entire community that this is the first of many UNICAS branches that will be opened this 2021, and whose expansion plans will extend until 2022, when a total of 100 branches will have been opened throughout the country. All physical branches of this bank are intended to bring the benefits and potential of cryptocurrencies to as many citizens as possible throughout India.
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14 new branches in January, 100 by 2022
Among the expansion plans of United Multi State Credit Co-Operative Society LTD and Cashaa are to open 14 new UNICAS branches during this month of January, which are located in 14 different locations across the National Capital Territory of India (NCR), and in the states of Rajasthan and Gujarat. Then, by 2022, the financial institution has plans to create and open 85 new branches throughout the country, to reach a total of 100 UNICAS branches throughout India.
Dinesh Kukreja, CEO of Unicas, said that the plans to rapidly expand the physical branches and services of this crypto bank will allow the creation of new financial products and instruments based on cryptocurrencies, which will help Indian society to use digital banking and financial services quickly, easily and reliably. Kukreja also assured that, from the same account, users will be able to carry out operations with cryptocurrencies or Indian rupees without any problem.
“This will enable us to build, scale and offer financial services and crypto products for local markets in India.”
For its part, Kumar Gaurav, CEO and founder of Cashaa, pointed out that the implementation of these new services also favors the adoption of blockchain technology, and allows for the evaluation of the levels of comfort and security that exist in the financial and banking sector when adopting and implementing this constantly developing technology. Likewise, the new services offered by this entity will also favor the use and adoption of cryptocurrencies within the territory, which in turn can encourage the government to establish clear regulations that favor the development of the industry.
Bitcoin and six other cryptocurrencies
The financial and banking services offered by UNICAS are initially aimed at Bitcoin and 6 other cryptocurrencies of interest within the industry. Bitcoin is chosen, of course, for being the cryptocurrency of greatest interest to investors and common users in the world; in addition, services with Ethereum (ETH), the second most important cryptocurrency in the markets; Cashaa (CAS), the cryptocurrency of the Cashaa platform; Binance (BNB), Bitcoin Cash (BCH), Eos (EOS), Litecoin (LTC) y Ripple (XRP).
UNICAS services are available for deposits and withdrawals, trading operations, instant loans with collateral, crypto-fiat and fiat-crypto exchange, and more, with all the cryptocurrencies mentioned above. And the initiative to establish physical headquarters for a crypto bank responds to the need to adapt to the traditions of India, where heads of households, aged between 40 and 65, are the ones who make the financial decisions, and who, due to their age, still need to go to physical facilities that provide them with confidence and security to carry out their business operations.
UNICAS opens its doors to thousands of citizens at a time when the country is considering imposing 18% taxes on commercial operations and transactions carried out with Bitcoin and other cryptocurrencies.
Continue reading: India proposes a new ban on cryptocurrencies and imposes million-dollar fines on those who do not comply with the law
