Rajasthan-based United Multistate Credit Co. Operative Society (UNITED), which is a co-operative society registered under Rajasthan State Credit Co-Operative Societies Act 2001, is planning to expand its banking services to cryptocurrencies and cryptocurrency products.

UNITED has established a joint venture (JV) with Cashaa, a UK-based e-banking platform, called 'UNICAS' to create the world’s first crypto-friendly financial institution with physical branches and operations. With this, that aims to provide both online crypto banking services and walk-in services across its 34 physical branches in northern India.

With this JV, existing branches of the UNITED will be transformed into crypto lounges. The media reports said that account holders would be able to buy and sell Bitcoin, Cashaa, Ethereum, and Ripple in Indian Rupees. Initially, the Crypto Lounges would be opened in Delhi, Rajasthan, and Gujarat, and cover a population of nearly 150 million.

Over 30 branches of UNITED will be transformed into Crypto Lounges for cryptocurrency education and banking.

People will have access to both traditional banking services and crypto banking services not only through the 34 physical branches across north India but also online.

Mr Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, who has been appointed as the CEO of the new UNICAS venture, said, ‘This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets’. Under Kukreja’s tenure, the brand has certainly impacted, hopefully for the better, the lives of millions via financial services. The venture is also a member of NAFCUB – the National Federation of Urban Co-operative Banks and Credit Societies Ltd.

In a statement, Kumar Gaurav, Founder & CEO, Cashaa, said -
Most Indians are not aware or are misinformed about Cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends. Also, India is still largely a cash-based economy despite a Demonetization drive. With UNICAS Crypto lounges we intend to address both issues which are slowing the process of cryptocurrency adoption in India.

 



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