By Staff Reporter
The UK-based blockchain firm Cashaa will be introducing the world’s first crypto-friendly financial institution with physical branches and operations in India, according to a statement made my the firm online.
It will be a joint venture partnership with The United Multistate Credit Co. Operative Society as part of its India expansion plan. The JV will start its operations in December 2020.
It will allow customers to open saving accounts with crypto wallets, loan against cryptocurrencies, gold, and real estate, invest in cryptocurrencies, Bonds, and fixed deposits. It plans to rapidly expand to over 100 branches by 2022 and will allow cryptocurrency with cash in physical branches.
The JV will enable Cashaa to access The United’s regulatory licenses, its physical branches and overall banking infrastructure, the statement said.
Kumar Gaurav, Founder & CEO of Cashaa stated:
“Most Indians are not aware or are miss guided about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends. Also India is still largely a cash-based economy despite a demonetization drive. With UNICAS crypto lounges we intend to address both issues which are slowing the process of cryptocurrency adoption in India.”
Mr. Dinesh Kukreja, MD The United Multistate Credit Cooperation & CEO of UNICAS:
‘We are entering into the future of financial services in India. Merging our decade of experience with Indian traditional finance with Cashaa’s international banking experience will bring enormous transformation to both Indian fintech and the crypto industry. We are the first regulated financial institution in the world with physical branches where users can access crypto products. By increasing our exposure to emerging technologies, we are aiming to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India.’ Our savings bank account holders will also be able to use their cryptocurrencies as collaterals to take loans, like any other traditional loan given by banks.
In September, Cashaa had raised 5 Million USD (~35 crores INR) to expand its operations into the Indian market from a Dubai-based investment fund O1EX. During the covid-19 pandemic Cashaa which saw an 800% jump in its operations and businesses.
Mr. Gaurav added:
‘‘This made us feel that the moment was ripe for India to start inducting emerging technologies into its banking domain. This is the opportune moment for us to revolutionize the banking space and deliver Indian’s a world-class inclusive banking experience with cryptocurrencies.’