Cryptocurrency investors face constant difficulties with bank transactions, as almost all major banks do not allow such transactions. Crypto banks are coming. Cashaa, a banking platform that seeks to participate in India’s emerging and growing cryptocurrency market, has announced its launch in the country. By mid-August, it will offer personal account management services.
The blockchain-based fintech company Cashaa, in partnership with credit unions from several countries, has launched UNICAS Crypto Bank, a cryptocurrency banking joint venture that allows users to trade cryptocurrencies and fiat currencies from a single account.
While UNICAS has effectively launched its online services, more than 14 physical branches will be launched in NCR, Rajasthan and Gujarat in 2021.
Cashaa, a cryptocurrency bank, will start operations in India in August to help investors and exchanges overcome current banking challenges. It will offer services for cryptocurrencies and fiat currencies from a savings account.
The bank has very ambitious plans to provide loans for the purchase of cryptocurrencies and savings accounts for customers. The government also plans to pass a law to regulate cryptocurrencies.
In addition to personal bank accounts and the purchase of cryptocurrencies from bank accounts, Cashaa also plans to offer debit cards and loans against cryptocurrencies, as well as loans for the purchase of cryptocurrencies. Banks and cryptocurrencies can finally work together.
Although cryptocurrencies are not officially banned in India, Indian banks seem to have recently started to take cryptocurrencies and swaps seriously. As banks have stopped transmitting data on cryptocurrencies, Indian cryptocurrency exchanges are struggling to collect fiat money. As a result, these exchanges are now turning to Cashaa to maintain their fiat currency services.
Operations will start in New Delhi, Gujarat and Rajasthan, with plans to gradually expand to Maharashtra, Uttar Pradesh and West Bengal.
Indeed, users want to make deposits and withdrawals through savings accounts, just like a traditional Indian bank. This is the first time in the world that a financial institution has opened a cryptocurrency bank account through a physical branch.
United is a member of the National Association of Federated Municipal Cooperative Banks and Credit Unions (NAFCUB) 1753 and is certified under the ISO 9001:2008 quality management system.
Many exchanges are looking for different solutions to help their customers. This includes using UPI or exploring their gateway solutions.
Users see the need to use the services of large banks that can handle large volumes and volumes of transactions. In addition, most payment gateways use large private banks. It is therefore difficult to ensure consistent financial services if one of them is not dealing with cryptocurrency transactions.
If we want to advance the goals of Digital India, we cannot miss any opportunity to introduce new developments and innovative and creative ways of doing things in India’s Tier 1 and 2 cities. In the banking sector, UNICAS Crypto Bank will also provide data towards the level of convenience and security offered by blockchain technology.