India’s digital assets space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered at physical branches.
According to a blog post from 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 banking at 22 locations in the northern part of the country.
A launch is slated for December of this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.
Cashaa, which calls itself a "crypto-friendly neo-bank,", said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September.
The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and crypto buying and investment.
At launch, UNICAS will list six major cryptocurrencies for purchase 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 cooperative society already has regulatory licenses in India, which will bring Cashaa access to the local market, the post said.
"This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets," said Dinesh Kukreja, managing director of United Multistate Credit Cooperative Society and CEO of UNICAS.
India has been seeing something of a crypto renaissance since the central bank’s ban on banking services for digital assets companies was overturned by the Supreme Court in March.
Since then, crypto exchanges have reported surging trading interest and volumes, while investors have been flocking to invest in the startups rising in the underserved market.
Hanging over all of this like a dark cloud is the fact that the country’s government still hasn’t produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards.
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 email@example.com
If you would like to connect with us about any of the distributed content or other inquiries, please email us at firstname.lastname@example.org with the relevant documentation.