- Cashaa intends to expand the number of crypto banks in India to 100 after the initial launch.
- Earlier this month, the FinTech firm rolled out a neo-bank in India to help boost crypto adoption.
- Per Cashaa’s CEO, Kuman Gaurav, most Indians are misinformed about cryptocurrencies.
Cashaa, a UK-based online banking platform that deals with crypto and fiats, has joined hands with an Indian bank dubbed United Multistate Credit Cooperative Society. The FinTech firm unveiled this news on October 26, noting that this partnership will see it build a crypto-friendly financial institution dubbed UNICAS. Reportedly, this project will see the firm and the bank launch 34 physical branches and operations in Northern India.
According to a report, the firm will distribute the banks in different cities and states. For instance, there will be branches in the cities of Delhi and Gujarat and the state of Rajasthan. However, the 34 physical bank branches are only part of the initial launch as the firm intends to expand to 100 locations by 2021. In so doing, Cashaa and United Multistate Credit Cooperative Society aim to offer India’s citizens easy access to crypto products.
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Cashaa’s announcement of joining hands with India’s Multistate Credit Cooperative Society marks the latest development in the company’s efforts of expanding into India. Earlier this month, the firm launched a neo-bank in the country. According to the firm’s CEO, Kuman Gaurav, Cashaa India created a gateway for Indian businesses and individuals to open savings accounts, buy, store, and save various crypto coins, including BTC, ETH, XRP, and CAS, the firm’s native token.
Pushing for mass crypto adoption
Apart from allowing its users to buy, store, and save crypto, Cashaa allegedly promised to let its clients use their crypto holdings as collateral for loans. On top of this, the firm noted that it would let its users buy crypto using their local fiat currency. Gaurav went on to note that opening physical branches in India would integrate the existing branches in the UK into crypto education centers.
Explaining why it is important to launch the physical crypto bank branches in India, Gaurav said,
“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. 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.”
India’s wavering stance on crypto
This news comes after a report unveiled that the Indian federal cabinet is considering the enforcement of a law banning cryptocurrencies. Reportedly, Indian courts had lifted a blanket ban on the crypto space six months before the disclosure of this news. Nonetheless, no regulators proposed any bills regarding the enforcement of such a law when the Indian parliament convened during its Monsoon Session in the past month.