On December 28, 2020 ‘Unicas’, world’s first crypto bank was launched in India as a Joint Venture(JV) by Cashaa of UK and United Multistate Credit co-operative society Ltd of India. This bank allows users to transact in cryptocurrency and fiat from one account to another. It will provide banking services for both fiat and crypto assets. This JV allows Cashaa to access regulatory licenses, physical branches, and overall banking Infrastructure of United Multistate Co-Op Society.
- It is to be noted that for the 1st time in the world a financial institution has enabled cryptocurrency trade through physical branches.
- World’s first ‘crypto-friendly’ branch was initiated in Jaipur,India.
Key Info
i.Initially, Unicas will open its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January 2021.
ii.It also intends to expand to 100 branches by the end of 2022.
Note
Unicas through the initial 14 branches aims to onboard 25,000 customers within the 1st quarter of 2021.
Gist about Unicas:
i.The users can deposit and withdraw by a savings account, like operating with traditional banks in India.
ii.The banking services provided include, savings accounts, crypto exchange, crypto loan and debit cards to spend crypto.
iii.Besides banking services, it also provides information and guidance like the convenience and security that blockchain technology offers.
iv.When the users deposit crypto assets in the Unicas wallet and request for the equivalent value of INR on their card or bank account, may receive an instant loan digitally.
About JV:
JV merges the experience of United Multistate co-op society in Indian traditional finance with international banking and cryptocurrency experience of Cashaa to change the Indian fintech space and the crypto industry.
Additional Info
Already, Cashaa has provided its services to over 200 crypto exchanges, wallets and startups that deal in crypto.
What is Cryptocurrency?
It is a digital or virtual asset that is designed as a medium of exchange using cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership
What is Fiat Money?
It is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
Recent Related News:
IBMC Financial Professionals Group in partnership with US Gold Currency Inc and Blockfills introduced the world’s first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council (GCC), Middle East and Africa.
About Cashaa:
CEO and Founder– Kumar Gaurav
Headquarters– London, England
About United Multi State Credit Co-Operative Society Ltd.:
It is a Multistate Credit Cooperative Society Registered with Central Registrar, New Delhi under Multistate Cooperative Society Act-2002 .
Headquarters– Jaipur, Rajasthan
Chairman– B.S Rajawat
About Unicas:
CEO- Dinesh Kukreja
Headquarters– Jaipur, Rajasthan
