Indian bank United Multistate Credit Co. Operative Society is getting ready to expand its banking services to crypto assets as well as cryptocurrency-related products.
Working in partnership with the cryptocurrency banking service provider Cashaa, United has established a venture dubbed UNICAS that aims to offer both online crypto banking services and walk-in services across its 34 physical branches in northern India.
This new move by United and Cashaa comes amid India’s uncertain cryptocurrency regulations. While the Supreme Court of India took down the crypto banking ban put in situ by the Reserve Bank of India earlier in the month of March, most banks are still skeptical of providing services to crypto firms and individuals dealing in virtual assets.
UNICAS will permit United account holders to integrate cryptocurrency wallets directly with their accounts. Users will also be able to directly purchase Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], and Cashaa [CAS] by paying either in cash or directly from their account. When UNICAS launches, the United will also permit its users to require out loans against cryptocurrencies.
Cryptocurrencies have seen significant adoption in India since the lockdown started in March. Many Indian cryptocurrency exchanges reported a spike in their crypto trading volume to the tune of 200% to 400%.
The chief executive of Cashaa, Kumar Gaurav, added that the increased interest in cryptocurrencies was a serious reason for them to integrate cryptos into the legacy banking industry. He added that UNICAS will help disseminate reliable information about cryptocurrencies to the mainstream Indian population and help further the adoption of cryptos in India. He also added that the addition of cryptocurrency services to a standard bank will help India adopt a more digitized payment system.