India’s Unicas bank says it’s the first crypto financial institution to open a physical branch where users can transact both cryptocurrency and fiat.
In a blog post, blockchain-based fintech Cashaa announces the opening of Unicas’ physical branch in Jaipur.
Unicas is a joint venture between Cashaa and financial services firm United Multistate Credit Cooperative Society. The bank allows customers to transact in cryptocurrency and Indian Rupee (INR) using a single account.
Users can also get instant loans by depositing their crypto assets in the Unicas wallet and requesting the equivalent value in INR to be deposited in their card or bank account.
Cashaa CEO and founder Kumar Gaurav says that besides offering financial products and services like savings accounts, crypto trading and debit cards, Unicas is helping customers learn more about crypto.
“Unicas will also provide information and guidance on the level of convenience and security that blockchain technology offers.”
Cashaa says Unicas will open 14 more branches in January as it targets onboarding 25,000 customers in the first quarter of 2021. The bank plans to expand to 100 branches by 2022.
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