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India’s digital asset space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered in physical branches.
According to a blog post by digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banks in 22 locations in the northern part of the country.
The launch is scheduled for December this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.
Cashaa, who calls himself a “crypto-friendly neo-bank,” said he was planning a move to India when he raised $ 5 million from a Dubai-based investment firm in early September.
The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and buying and investing in cryptocurrencies.
At launch, UNICAS will list the top six cryptocurrencies to buy with Indian rupees: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, litecoin (LTC) and XRP. Binance Coin (BNB) and Cashaa (CAS) will also be offered.
The credit union already has regulatory licenses in India, which will allow Cashaa to access the local market, the post said.
“This will allow us to build, scale and offer customized financial and crypto products for local Indian markets,” said Dinesh Kukreja, chief executive officer of the United Multistate Credit Cooperative Society and CEO of UNICAS.
India has seen something of a resurgence of cryptocurrencies since the central bank’s ban on banking services for digital asset companies was overturned by the Supreme Court in March.
Hanging over all of this like a dark cloud is the fact that the country’s government has yet to produce long-rumored regulations on cryptocurrency, with some reports suggesting that a possible crypto ban may be in the cards.
