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Indian crypto bank opens physical location, eyes 100 branches by 2022

Unicas, a joint venture between Indian online crypto banking platform Cashaa and United Multistate Credit Co-op Society has launched a physical crypto bank branch in Jaipur, India.

According to a Cashaa blog post on Dec. 28, the physical crypto bank branch in Jaipur is part of an initial roll-out in 14 locations across three states before the end of Jan. 2021. The Unicas JV is also working towards establishing a total of 100 branches by 2022.

According to Cointelegraph, for Unicas CEO Dinesh Kukreja, the establishment of physical crypto bank branches will allow the company to offer customized crypto investment products to the local Indian market. With a Unicas savings account, customers will be able to transact in both virtual currencies and Indian rupees.

However, users will be able to access both fiat and crypto-asset services at the bank. Unicas will also provide instant digital loans with cryptocurrencies as collateral.

Cashaa CEO Kumar Gaurav described the move as a necessary development in the march towards establishing a “digital India.” Gaurav also noted that Unicas will showcase the convenience and security associated with blockchain adoption.

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