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An Indian bank is preparing to start providing cryptocurrency services at its physical bank branches. Customers can buy bitcoin and many other cryptocurrencies at these Indian rupee branches, open cryptocurrency savings accounts, make loans with their cryptocurrencies, and more.
Crypto Banking at physical bank branches in India
Cryptocurrency users in India will soon be able to visit physical bank branches for cryptocurrency services and learn about cryptocurrency investments. This is due to a partnership, announced Monday, between crypto banking platform Cashaa and The United Multistate Credit Co. Operative Society (United), as part of Cashaa’s expansion plan in India. The United is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd.
Dinesh Kukreja, chief executive of the United Multistate Credit Co. Operative Society, will be the chief executive of the joint venture between the two companies. Details of the announcement:
The joint venture, Unicas, will build the world’s first crypto financial institution with branches and physical operations.
“Unicas will allow people to access traditional banking services alongside crypto banking services both online and through its 22 physical branches in northern India,” the announcement adds. Customers will be able to buy cryptocurrencies for cash at these physical branches, “Open savings accounts with crypto wallets … Loans against cryptocurrencies, gold and real estate … [and] Invest in cryptocurrencies, bonds and fixed deposits “.
A Cashaa spokesperson confirmed to news.Bitcoin.com that “There are currently 22 active branches and Unicas operations will begin in December … we will be ready with 22 branches”. The companies had planned to launch crypto banking services in 34 branches. However, he explained that “Due to the covid situation, the opening of the remainder is a bit challenging … We are seeing a slow opening from the block.”
Cashaa explained: “Initially account holders will be able to buy and 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. “
Crypto Lounge at Indian bank branches
“Existing US branches will be transformed and modernized as Crypto Lounges,” Cashaa described, noting that “members can enter any of these branches and be educated on cryptocurrencies alongside other banking services.”
The spokesperson also shared with news.Bitcoin.com: “We will educate them on investment opportunities, the usefulness of bitcoin and other cryptocurrencies, how to use and store cryptocurrencies, etc.” He clarified that non-bank customers “will have access to general material, but the use of the lounges is reserved for bank customers”. Cashaa pointed out:
The immediate plan is to open these Crypto Lounges in Delhi, Gujarat and Rajasthan, covering a population of 150 million Indians living in these states.
Kukreja commented, “By increasing our exposure to emerging technologies, we aim to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India,” noting:
Our savings bank account holders will also be able to use their cryptocurrencies as collateral to take out loans, like any other traditional bank loan.
What do you think of crypto banking at physical bank branches in India? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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