India has a huge potential when it comes to cryptocurrencies thanks to various factors. Interestingly, Unicas opened a physical crypto bank branch in Jaipur, India. As a reminder, Unicas a joint venture between Indian online crypto banking platform Cashaa and United Multistate Credit Co-op Society.
It is worth noting that, back in October, the Multistate Credit Co-op Society made an important announcement. According to this announcement, Multistate plans to offer both online as well as physical crypto banking services across its 34 locations in northern India. The Multistate Credit Co-op Society released this information in October.
People should take into account that, users will be able to access both fiat and crypto-asset services at the bank. Moreover, Unicas will provide instant digital loans with cryptocurrencies as collateral.
Interestingly, the physical crypto bank branch located in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021. Importantly, Unicas JV is also working toward establishing a total of 100 branches by 2022.
It is worth mentioning that, the establishment of physical bank branches will allow the company to offer customized crypto investment products to the local Indian market. Importantly, with a Unicas savings account, customers can transact in both cryptocurrencies and Indian rupees.
Crypto adoption in India
Interestingly, Univas will showcase the convenience as well as security associated with blockchain adoption. People should take into account that, India is a very family-based society where the financial decision is made by the head of the family, which mainly liest in the age group of 40-65 years. However, it is not easy to convince them, as they need to see things physically before making a decision. Thanks to branches it will be easier to establish trust as well as to educate people about crypto.
Despite challenges, crypto adoption in India is on the rise, especially in the peer-to-peer trading arena. For instance, during the first week of August, BTC’s local trade quota stood at $4.4 million. This represents a sharp increase from the $1.52 million weekly trade volume that was witnessed during the first week of January 2020.
As stated above India has a huge potential when it comes to cryptocurrencies. However, it will be difficult to develop the industry without clear regulations. The government should join forces with companies as well as experts to address all issues.