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Thursday, October 28, 2021

The world’s first physical crypto bank is opened in India

Cryptocurrency is of course a digital currency, supposed to be used, owned and transacted online. However, there are various innovations taking place in this area, one of which is to set up physical cryptocurrency bank branches. In fact, the world’s first physical crypto bank branch has been recently opened in India, in the city of Jaipur.

This branch has been opened by Unicas, which is the first crypto institution in the world to begin rolling out physical branches. The branch will function like a regular bank branch, being open for nearly nine hours, six days a week. Users will be allowed to transact in cryptocurrencies as well as Indian rupees through a single account, while they will be able to buy and sell cryptocurrencies and obtain loans against cryptocurrencies at the branch, in addition to regular banking services. Unicas plans to roll out 14 branches this month, with a view to expanding to 100 branches by 2022. Unicas is a joint venture between Cashaa and the United Multistate co-op society. This allows users to be able to transact in fiat currency and crypto from the same account, while it will allow Cashaa to be able to have access to the banking infrastructure, branches and regulatory licenses owned by United.

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Of course, this is not the only way in which crypto is trying to make a mark in the Indian market. Another area which is being targeted is the online gambling space. Gambling has been a popular pursuit in India for centuries, and now with the advent of online gambling, we are seeing more and more Indians show interest in that area over the last year or so, even though gambling is illegal in the country. Crypto companies are looking to take advantage of this by teaming up with numerous online gambling providers to provide various casino bitcoin online opportunities for India players. The demand for cryptocurrencies has only helped in this regard, as its various advantages mean that it is quite attractive for various users. Crypto transactions are quite secure, while the ability to be able to buy crypto using rupees has led to many people wanting to be able to transact in them.

As stated earlier, this new branch in Jaipur will be the world’s first crypto bank branch where cryptocurrency can be traded at a physical branch. Unicas is aiming to bring these branches to Tier 1 and Tier 2 cities in India throughout 2021, and they will also be looking to offer advice to users on how to invest in crypto, as well as the advantages that blockchain technology offers. Among the services being offered by Unicas include debit cards for users to be able to spend crypto, while they can also receive instant loans backed by crypto assets, by depositing those assets into a wallet digitally and instantly receiving the equivalent rupee amount on their card or in their bank account. Cashaa is aiming to have 25,000 customers on board in the first quarter of 2021, through the 14 branches that will be set up in this time.

This venture is set to revolutionize the online crypto and fintech industry in India. Unicas is a great opportunity to merge traditional banking with new and innovative services and solutions that cryptocurrencies provide. Cashaa’s experience in the crypto space, both internationally and domestically, will be crucial in this regard, as it has already provided services to more than 200 crypto exchanges, wallets and startups. It will be interesting to see how the demand for this evolves over the rest of the year, as more and more Indians show interest in cryptocurrencies.

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