Cashaa is a crypto-friendly bank which is slated to move to India as it sees immense business growth potential in the country.
Cashaa received a 5-Million-Dollar funding in Dubai recently. Their partnership with UNICAS would help Indian crypto users to open cryptocurrency accounts, much like the savings accounts where users can buy and invest in digital assets.
Indian crypto community is growing at a substantial rate, with many firms showing an inclination towards digital currencies. The digital assets see massive growth and adoption as investors and crypto miners splurge their resources on crypto. A blog post by Cashaa revealed that the new venture between the United Multi State Credit Cooperative society would enable the users to avail of cryptocurrency services at 22 physical locations in northern India.
Cashaa To Open Crypto Banks in India
It would also facilitate digital lending assets by adding gold, property, or Cryptocurrencies like Bitcoin as collateral.
The multi-purpose crypto banking facility would provide a lot of value to the Indian crypto users. Initially, the users would be able to buy leading cryptocurrencies like EOS< Litecoin, Ripple XRP, Bitcoin, Ethereum native coin ETH, and Binance coin BNB. The Cashaa bank would also offer its own token CAS through these accounts.
Crypto Lounges to Educate Indians On Digital Assets
The Cashaa platform would gain penetration into the local Indian market as it has a regulatory license in India.
Cashaa took to a Medium blog post in which it said that its joint venture with the UNICAS would help develop the first crypto financial institution in the world which would have physical offices. The operations would begin in 2020, and plans are to expand the facilities to over 100 branches in the next two years. The company said that the users would get all-around crypto services in the branches along with better opportunities to explore the growing market.
Bringing Crypto to India’s Cash Inclined Economy
The branches would be like the normal banks in which the users can simply walk in and get the information and gain know-how about Cryptocurrencies. The company also plans to establish some units called Crypto Lounges in Gujarat, Rajasthan, and Delhi, where users can utilize Crypto banking services. The Crypto-friendly project increases the awareness and fondness of Cryptocurrencies in India, which, according to the Founder-CEO of Cashaa, is still a Cash-based economy.
The MD of UNICAS said that the partnership would help bring a substantial transformation in the Indian Crypto industry and Fintech. The physical crypto banking branches can be a game changer.