British Fintech company to open Physical Crypto branches in India

Cashaa, a UK based online banking platform that deals with the fiats and crypto, has now collaborated with the United Multistate Credit Cooperative Society to expand its India operations.

The firm revealed that this collaboration would see it build a crypto-friendly financial institution called UNICAS.  Moreover, this project will see the firm and bank launch 22 physical branches and operations in the Northern Part of India.

Cashaa CEO Kumar Gaurav 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. 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."

MD The United & CEO of UNICAS, Mr. Dinesh Kukreja, said, "We are entering into the future of financial services in India. Merging our decade of experience with Indian traditional finance with Cashaa’s international banking experience will bring enormous transformation to both Indian fintech and the crypto industry. We are the first regulated financial institution in the world with physical branches where users can access crypto products. By increasing our exposure to emerging technologies, we are aiming to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India."

According to the announcement, the firm will distribute the banks in different states and cities. For instance, there will be branches in the cities of Gujarat, Rajasthan, and Delhi.

Moreover, the 22 physical bank branches are only a part of the initial launch as the firm intends to expand to 100 locations by 2021. The Crypto Lounges will be available at United’s existing branches after a modernization. The account holders can buy/sell Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC), and Ripple(XRP) in cash or with the account balance in Indian Rupees, notes the announcement.

In doing so, United Multi State Credit Cooperative Society and Cashaa aim to provide Indian citizens with easy access to crypto products.

Cashaa’s announcement of joining hands with the Multistate Credit Cooperative Society shows the latest development in the company's efforts to expand into India.

Apart from allowing its customers to buy, store, and save crypto, Cashaa promises to let its customers use their crypto holdings as collateral for loans, notes the announcement.