Market News / 

Fintech Firm Cashaa is Opening Physical Crypto Bank Branches in India

Fintech Firm Cashaa is Opening Physical Crypto Bank Branches in India


COINTELEGRAPH | 2020/10/27

The new venture will reportedly include 34 “physical branches and operations" in northern India.

According to an Oct. 26 announcement from Cashaa, the fintech firm will be partnering with India's United Multistate Credit Cooperative Society to build a crypto-friendly financial institution called UNICAS. This new venture will reportedly include 34 "physical branches and operations" in northern India, including the cities of Delhi and Gujarat, and the state of Rajasthan. However, the fintech firm stated that it planned to expand to 100 physical branches “where users can access crypto products” by next year.

Earlier this month, Cashaa India stated that it would allow Indian businesses and individuals to open a savings account to buy, store, and save cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and its native token CAS. The firm also reportedly will allow customers to use their crypto holdings as collateral for loans, and to buy crypto with local fiat currency.

In addition, Cashaa stated it would retrofit The United’s existing locations into crypto education centers.

"Most Indians are not aware or are misinformed about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends," said Cashaa CEO Kumar Gaurav. "India is still largely a cash-based economy despite a demonetization drive. We intend to address both issues which are slowing the process of cryptocurrency adoption."

In September, reports circulated stating that the Indian federal cabinet was considering a law banning crypto six months after courts lifted a previous blanket ban. However, when India’s Parliament convened during its Monsoon Session last month, no regulators reportedly proposed bills calling for such a law.

Siddharth Sogani, founder of Indian blockchain research company Crebaco, labeled reports calling for a new crypto ban as "clickbait." The Cashaa CEO also stated he believed media reports on a possible crypto ban are speculative stories, and regulations will most likely not be a hurdle for Cashaa India to offer crypto services to its users. The next time the Indian parliament is usually scheduled to convene is in November for its Winter Session.


Original title: British fintech firm opening physical crypto bank branches in India


The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.


The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.

This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at official.accounts@ambergroup.io

If you would like to connect with us about any of the distributed content or other inquiries, please email us at official.accounts@ambergroup.io with the relevant documentation.

View Original Article >

Most Popular
The New Mate 40 Is Equipped with Digital Currency Wallet
China’s digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.
US Fed Is Broading Its Research on CBDC to Explore its “Intrinsic” Value Drivers
Fed economists are beginning their deep dive into CBDC research, hoping to identify the "intrinsic" value drivers of a digital dollar.
The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical
China’s digital yuan pilot program is picking up speed.