India has become the new destination for the cryptomarket. Crypto banking service provider Cashaa tied up with India’s United Multistate Credit Cooperative Society to build a crypto financial institution called UNICAS that aims to provide both online crypto banking services and walk-in serviced across its 22 on- land branches in northern India including the cities of Gujarat, Rajasthan and Delhi. Cashaa will expand 100 physical branches where users can access crypto products.
The UNICAS will start its operations in December this year. It will also offer interest on crypto deposits and the society will also give out loans against cryptocurrency.
Enable customers to buy and sell cryptocurrency
UNICAS will allow the account holders in United Multistate Credit Cooperative (UNI) to maintain a cryptocurrency wallets. Customers can buy and sell Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Cashaa (CAS) by paying either in cash or directly from their account.
No approval from RBI is needed
Multistate Credit Cooperative Societies are regulated by the Central Registrar of Cooperative Societies and do not come under the ambit of RBI. Thus, no specific permission from the registrar is required for this joint venture, UNICAS.
Cashaa is a banking services platform that uses two- factor authentication and IP monitoring for added security. It is a non-custody wallet for crypto which means that it does not keep your wallet in their control. In September, Cashaa raised $5 million to expand its operations into the Indian market from a Dubai- based investment fund O1EX.
Making India crypto-ready
Kumar Gaurav, the chief executive of Cashaa, said that the increased interest in cryptocurrencies was a major reason for them to integrate cryptos into the legacy banking system. UNICAS will help disseminate reliable information about cryptocurrencies to the mainstream Indian population and help further the adoption of cryptos in India.
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