World’s first cryptocurrency bank opens in India

The popularity of cryptocurrencies has gone sky-high over the past year or so, with more and more people hearing about them and showing interest in this relatively new phenomenon. The price of bitcoin soared in 2020, and there is every indication that this stunning rise will continue for quite some time to come, making bitcoin an essential investment for anyone in the crypto community and even otherwise. However, understanding how crypto markets work can be quite tricky for beginners, and thus there is a need to have investor education as well as facilities which make it easier for people to get into the market. There is a lot of innovation taking place in this space as well, and in that line, India has seen the launch of the first physical cryptocurrency bank.

Unicas, which is a partnership between Cashaa and the United Multistate Credit Cooperative Society, announced the launch of its first cryptocurrency bank branch in Jaipur. This makes it the first physical cryptocurrency branch anywhere in the world. Users will be able to conduct transactions in both INR as well as cryptocurrencies such as bitcoin, and all of this can be done through a single account. The bank offers traditional services to customers, such as deposits, loans and credit cards, but they can also avail of loans against their crypto balances, and conduct buying and selling of crypto assets at the branch itself. According to Cashaa, they plan to open 100 branches across India by 2022, while expanding to 14 branches by the end of January 2021. The aim is to target Tier 1 and Tier 2 cities in India at the moment where knowledge about cryptocurrencies is more widespread, but still has a lot of scope to grow. The bank will also offer information and education on crypto security and blockchain technology for users as well as business owners.

This step shows how confident Cashaa is about the prospects for cryptocurrency in India, which is quite a turnaround from the situation last year, when crypto trading and ownership was effectively banned in the country. However, the Supreme Court of India issued a ruling in March 2020 striking down those restrictions by the Reserve Bank of India, and this triggered a huge spike in interest and investment in the crypto space in India. A number of crypto exchanges and investment platforms have opened doors in the country, and have seen a huge influx of users as a result as well. At the same time, other sectors have also taken advantage of this, with the online casino industry being one such sector. These casino operators have begun offering users the chance to bet using cryptocurrencies, earning crypto by playing certain games, and also the ability to make withdrawals in crypto. Thus, bitcoin live roulette in India, along with other casino games such as poker and blackjack, have all made a name for themselves due to these measures, which take advantage of Indians’ penchant for gambling as well as their interest in the crypto market.

Thus, the crypto market in India is set to improve further, with such initiatives only helping to increase the size of the market. Cashaa will also be providing users with debit cards linked to their accounts, which will allow them to use their crypto balances at regular merchants without needing to worry about converting the balance, and they will also be able to receive instant loans equivalent to the rupee value of their crypto balances in their Unicas accounts. Such services are making it much more easier and convenient to use cryptocurrencies, and it will be fascinating to see how the industry develops and grows in India as these bank branches are spread across the country as well.

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