First Crypto Bank Live In Jaipur
Cashaa launches crypto bank in Jaipur and very soon coming up in Ahmedabad and other . Cashaa, a blockchain-based fintech, has joined hands with United Multistate Cooperative Society, a credit cooperative society, to launch crypto bank joint venture UNICAS that allows users to transact in cryptocurrency and fiat from one account.
The United Multi State Credit Cooperative Society has partnered with London-based Cashaa Technologies to offer cryptocurrency deposits and loans to customers from January 2021 onwards. It has the plans to open 14 other physical branches, which is expected to rolled out by January 2021 and by 2022, it will expect to touch 100 branches.
Dinesh Kukreja, CEO, United Multi State Credit Cooperative Society (UNICAS), says that this partnership will create the first crypto neo-bank in the country. United Multistate Cooperative is registered in Delhi under the Multi-state Cooperative Society Act 2002 and is serving in Gujarat, Rajasthan and Delhi with a network of 43 branches.
As per Kukreja, it will help many customers and also existing cryptocurrency investors in the country with a proper investment platform and lending service. We are also looking at creating a Systematic Investment Plan through which customers can invest a fixed amount every month into cryptocurrencies.
With this “Customers can deposit Bitcoins to earn interest and they can also take a loan against this holding as collateral. These branches will be converted into a crypto-lounge with trained staff to explain how crypto-currencies work and the investing benefits,” he said.
A customer can either buy Bitcoins, Binance, Bitcoin Cash, Ethereum, Ripple or other cryptocurrencies in cash or use their existing deposits held by the credit society to buy the cryptocurrencies. These depositors can earn interest rates of around 6% since their cryptocurrencies will be used for on-lending to others and a customer can receive a loan up to 70%, for instance, against their cryptocurrency holdings, Kumar said.
The rollout of the initial 14 branches, UNICAS aims to onboard 25,000 customers within the first quarter of 2021.