Conventional financial systems continue to embrace Cryptocurrencies. And now The United Multistate Credit Co. Operative Society (United), an Indian bank, is gearing up to offer crypto banking services at its physical bank branches. As a direct consequence of this update, customers of the bank will be able to buy Bitcoin and numerous other cryptocurrencies at the various bank branches through Indian rupees and open savings accounts using crypto-wallets. The customers can even make loans against their cryptocurrencies and avail a lot more services.
Crypto banking now a reality in Indian banks.
Cryptocurrencies are in the finance system for some time now. However, cryptos such as Bitcoin were not formally accepted in banking institutions due to government regulations and the current financial structure.
However, cryptos continue to remain popular among traders, and crypto transactions are rising continuously. Currently, online trading platforms are used for trading Bitcoin and other cryptos. And platforms such as the Bitcoin Revolution Website have made trading hassle-free and straightforward, making it easier for anyone to start trading in cryptos.
The perception about cryptos in the conventional finance market is changing too, and now banks are coming forward to embrace Bitcoin and other cryptocurrencies. The United Multistate Credit Co. Operative Society (United) has entered into a partnership with the crypto banking platform Cashaa. This partnership will allow the bank to offer crypto banking services to cryptocurrency users in India at its physical bank. The United Multistate Credit Co. Operative Society (United) is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd. At the same time, this partnership is seen as part of Cashaa’s expansion plan in India.
‘Unicas’ to be the first crypto-friendly financial institute with physical branches.
The formal announcement states that this joint venture will be called ‘Unicas,’ and it will be the first of its kind ‘crypto-friendly financial institution’ having physical branches and operations. The announcement also mentions that Dinesh Kukreja, who is the Managing Director of United Multistate Credit Co. Operative Society, will now be the CEO of this joint venture between the two companies.
It further states that Unicas will make accessing traditional banking services and crypto banking services easier for people. And importantly, both these services will be available online and through its 22 physical branches located across north India.
The branches’ services will include buying cryptocurrencies with cash and opening saving accounts using crypto-wallets. Customers will also get loans against cryptocurrencies, gold, and real estate. The bank will also allow customers to invest in cryptocurrencies, bonds, and fixed deposits.
Services to begin from December 2020
Speaking about this partnership, a spokesperson for Cashaa explained to an online news portal that there are 22 active branches, and the Unicas operations will begin in December 2020. He revealed that initially, the company planned to launch these crypto banking services at 34 branches. But the whole covid situation has created some difficulties in opening up the remaining branches. However, he is confident that they will be ready with 22 branches.
According to Cashaa, the account holders will be allowed to buy and sell various cryptocurrencies using cash or through the account balance in Indian rupees in the beginning. These cryptos include Bitcoin (BTC), Cashaa (CAS), Ethereum (ETH), Binance (BNB), Bitcoin cash (BCH), EOS, Litecoin (LTC), and Ripple (XRP)
Cashaa to educate customers about crypto investments
Cashaa plans to transform the existing branches of The United into ‘Crypto Lounges.’ These lounges will educate customers about cryptocurrencies and other investment opportunities. The bank will tell customers about Bitcoin’s utilities and other cryptos and how to use and store crypto. The company plans to have these Crypto Lounges in Delhi, Gujarat, and Rajasthan, covering a population of 150 million Indians.