23 July 2021
Cashaa, a blockchain-based fintech, has partnered with United Multistate Cooperative Society, a credit cooperative society, to introduce crypto bank joint venture UNICAS crypto bank that permits users to transact in cryptocurrency and fiat from one account. They also claims to be the ‘world’s first cryptocurrency financial institution with physical locations’ created to “satisfy the regulatory requirements” in India, according to Analytics Insight.
“We planned to release it during Independence week as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year,” Cashaa said in a press release. Operations will be starting in New Delhi, Gujarat, and Rajasthan with plans to eventually extend to Maharashtra, Uttar Pradesh, and West Bengal.
The bank also has plans to give loans for customers to purchase cryptocurrencies and open savings accounts. The government is additionally intending to introduce a law to regulate cryptocurrencies.