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The cryptocurrency industry in India is facing regulatory uncertainty with rumors even saying that the government might be planning to impose a crypto ban soon. But the speculations have not deterred a crypto platform and a co-op credit society as form a tie-up that will offer cryptocurrency services in Northern India.
The United Multistate Credit Cooperative Society is getting ready to expand its services to include cryptocurrency and crypto products to its clients, according to Cointelegraph. The co-op as partnered with Cashaa, a London-based online cryptocurrency platform, to form a new venture that will focus on providing crypto services to consumers.
United and Cashaa’s new venture will be named UNICAS, which will offer cryptocurrency and crypto products. United clients will be able to integrate their crypto wallets with their accounts maintained with the co-op bank.
Customers will be able to buy cryptocurrency such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Cashaa (CAS) by paying in cash or via deduction from the savings account. They will also be able to take out loans using their crypto assets as collateral.
Clients can make their transactions over the counter via United’s 34 physical branches located in northern India. Tech-savvy customers will also have the option to do their crypto transactions online.
“Through this tie-up, we will open up a new market and also open up cryptocurrency savings accounts and loans for our customers,” United Multistate Credit Cooperative Society CEO Dinesh Kukreja said, Livemint.com reported. “We are very excited to take this forward.”
Cashaa also revealed plans of partnering with other cooperatives aside from United. “We will also be tying up with other cooperative credit societies in the coming months,” Cashaa CEO Kumar Gaurav said.
“We will modernize and digitize their operations,” Guarav added. “Their branches will act as lounges where people will be given information about cryptocurrency. Our strategy will also rescue a struggling cooperative credit sector which has been forced to close branches and lay off staff due to Covid 19.”
It is surprising to note that United and Cashaa’s partnership was formed even with the regulatory uncertainty hounding the cryptocurrency industry in India. Reserve Bank of India’s crypto ban was removed by the Supreme Court in March but many crypto firms are still wary of offering crypto services in the country. There were also rumors saying that the government is planning to impose a crypto ban soon.
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