The rise of cryptos in 2020 is bringing a new wind to finance. Crypto is electronic, dematerialized money. The increasing use of cryptos and bitcoin suggests a new system. However, nothing says that the bank with its traditional physical branches is an outdated model and is unsuitable for this 2.0 financing. In India, the first physical crypto bank will open its doors.
A crypto bank in Jaipur in January 2021!
Coordination between a traditional bank and a crypto company is becoming more common. Recently, in India, crypto firm Cashaa reached out to United Multistate Credit Cooperative Society to take advantage of their banking licenses and infrastructures. The merger took place with the establishment of the company Unicas. On December 28, 2020, Cashaa announced on its website that Unicas has opened a physical bank branch for crypto services!
This agency is a world first and is located in Jaipur at the following address: C-52, Enclave Keshav, Janpath, Lal Kothi. The agency is open Monday through Saturday and offers traditional banking services based on fiat money and crypto. In particular, it will be possible to buy and sell cryptocurrencies and subscribe to loans.
“Our company will offer banking services tailored to fiat and crypto assets. Services include savings accounts, crypto exchanges, crypto loans, and debit cards for paying in cryptocurrency. Users can instantly get a crypto loan from their Unicas wallet, which they can then convert to local currency (INR) in their bank account. «
Cashaa also communicated about its ambitious strategy. Therefore, the company plans to open 14 more branches of the same type in January 2021. In the medium term, Cashaa expects to open 100 branches by the end of 2022.
India’s cryptocurrency market is exploding
The announcement comes as the cryptocurrency market continues to grow in India. Bitcoin is very popular in India to protect your savings or to get money from abroad. Given this development in cryptocurrency, the Indian government is considering introducing certain regulations.
The government’s many trials and errors have created an uncertain climate for cryptos in India in 2020. Additionally, rumors of a possible crypto ban in the country have increased uncertainty in the area. The creation of unicas with its physical crypto banks also seems to be a strong signal sent by one of the country’s major financial players.
The creation of physical crypto banks is more than just a publicity stunt. It corresponds to a real need of the population. In addition, this action is part of the goal of making India a « digital country », said Kumar Gaurav, CEO of Cashaa. The company intends to bring together more than 25,000 customers in the first quarter of 2021.