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Indian bank United Multistate Credit Co. Operative Society is planning to expand its banking services to cryptocurrencies and cryptocurrency products.
In partnership with cryptocurrency banking provider Cashaa, United has established a joint venture called UNICAS that aims to provide both online cryptocurrency banking and walk-in services through its 34 physical branches in northern India.
This move by United and Cashaa comes amid India’s uncertain crypto regulations. While the Supreme Court of India lifted the cryptocurrency ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies.
UNICAS will allow United account holders to integrate cryptocurrency wallets directly with their accounts. Clients will also be able to directly purchase Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Cashaa (CAS) by paying in cash or directly from their account. When UNICAS launches, United will also allow its customers to borrow against cryptocurrencies.
Cryptocurrencies have seen significant adoption in India since the lockdown began in March. Many Indian cryptocurrency exchanges have reported a spike in cryptocurrency trading volume from 200% to 400%.
Kumar Gaurav, Cashaa’s chief executive, said the growing interest in cryptocurrencies was one of the main reasons they integrated cryptocurrencies into the legacy banking system. He claimed that UNICAS will help spread reliable information about cryptocurrencies to the traditional Indian population and help promote the adoption of cryptocurrencies in India. He also said that adding cryptocurrency services to a traditional bank will help India adopt a more digitized payment system.
