India Will Soon Have Crypto 'Banking' at 22 Physical Locations

Cashaa is teaming with a credit cooperative society to provide cryptocurrency financial services at 22 branches in the north of India.

AccessTimeIconOct 27, 2020 at 3:45 p.m. UTC
Updated May 9, 2023 at 3:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

India's digital assets space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered at physical branches.

According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country.

  • How Upcoming Elections Around the World Could Impact the Crypto Industry
    07:47
    How Upcoming Elections Around the World Could Impact the Crypto Industry
  • How Upcoming Elections Around the World Could Impact the Crypto Industry
    07:47
    How Upcoming Elections Around the World Could Impact the Crypto Industry
  • What India's Controversial Crypto Tax Means for Investors
    00:51
    What India's Controversial Crypto Tax Means for Investors
  • India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Says
    11:40
    India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Says
  • A launch is slated for December of this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.

    Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September.

    The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and crypto buying and investment.

    At launch, UNICAS will list six major cryptocurrencies for purchase with Indian rupees: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, litecoin (LTC) and XRP. Binance coin (BNB) and Cashaa (CAS) will also be offered.

    The credit cooperative society already has regulatory licenses in India, which will bring Cashaa access to the local market, the post said.

    "This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets," said Dinesh Kukreja, managing director of United Multistate Credit Cooperative Society and CEO of UNICAS.

    India has been seeing something of a crypto renaissance since the central bank's ban on banking services for digital assets companies was overturned by the Supreme Court in March.

    Since then, crypto exchanges have reported surging trading interest and volumes, while investors have been flocking to invest in the startups rising in the underserved market.

    Hanging over all of this like a dark cloud is the fact that the country's government still hasn't produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.