Cashaa to launch a crypto-friendly bank in India with dozens of branches

British fintech Cashaa has formed a joint venture in India with United Multistate Credit to launch a crypto-friendly bank serving customers across dozens of branches.

New banking era is ready to begin in the crypto industry. 🚀

We are happy to announce our joint venture in India with The United — World’s First Crypto-Friendly Branches.🤝 🇮🇳

Press Release: https://t.co/SNhkMEFMam #Cashaa #BetterthanBank $CAS pic.twitter.com/TOWOIDc7P1

— Cashaa (@yourCashaa) October 27, 2020

The partnership will give Cashaa access to United Multistate Credit’s regulatory licenses and the bank’s entire architecture.

It is envisaged that the joint venture named UNICAS will provide customers with traditional banking services alongside cryptocurrency services through 22 branches in northern India.

Initially UNICAS will offer users the ability to buy/sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS, Binance Coin (BNB), Litecoin (LTC), Ripple (XRP) and Cashaa’s own token — CAS.

Founder and CEO Kumar Gaurav noted that most Indians are not aware of cryptocurrencies as an online product and tend to trust what they see, or what the government advises, he added.

In his view, operating through physical branches will help address these problems and accelerate the adoption of cryptocurrencies in the country.

It is expected that UNICAS will commence operations in December 2020. The financial institution intends to offer users a range of cryptocurrency-related services:

• open savings accounts with crypto wallets;
• obtain loans collateralized by digital assets;
• invest in cryptocurrencies, including through cash purchases.

The company expects to open more than 100 branches across India by the end of the year.

Earlier in October, Cashaa announced the launch of an internet bank in the country to serve holders of digital assets.

Follow ForkLog news on Twitter!