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Crypto bank with physical branches opens in India

Indian crypto bank Unicas will open 14 branches by January 2021 and plans to expand its presence to 100 branches by 2022.

Image by CryptoTraveler from Pixabay

Wed, 30 Dec 2020, 09:45 am UTC

A new crypto bank has just launched its business in India. What sets this financial institution apart from other cryptocurrency businesses is that it will have branches spread across the country where customers can trade in digital currencies, secure loans backed by cryptocurrency, and open bank accounts.

A crypto bank called Unicas has started opening branches in India, according to Bitcoin.com. The bank is a joint venture between Cashaa and United Multistate Credit Co. Operative Society.

Unicas has opened its first branch located in Jaipur, the crypto bank announced on Monday, December 28. The bank plans to open a total of 14 branches by January next year, which will be located in the NCR, Rajasthan, and Gujarat. The company added that it plans to open 100 branches by 2022.

“Unicas is initially opening its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022,” Unicas CEO Dinesh Kukreja said in an announcement. “This will allow us to build, scale, and offer customized financial and crypto products for the local Indian markets.”

The cryptocurrency bank will be opening the next 13 branches from January 4 to 22, 2021, according to a Cashaa spokesperson. The representative also revealed the locations of the bank’s first 14 branches as well as their contact numbers.

Unicas aims to gain 25 new clients in the first quarter of 2021. The bank will offer services for both crypto and fiat currencies while customers can opt to do their transactions via their physical branches or online.

“Unicas will be providing banking services for both fiat and crypto-assets,” the crypto bank explained. “Services include savings accounts, crypto exchange, crypto loan, and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of INR on their card or bank account.”

The crypto bank recognizes that some potential customers might require more knowledge of crypto and blockchain and is prepared to assists clients in this area. “Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers,” the bank said.

In a previous announcement, the United Multistate Credit Cooperative Society revealed that the crypto bank will support a number of cryptocurrencies. Unicas' platform will support Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Cashaa (CAS).

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