In an attempt to help adopt cryptocurrencies into public life, India has opened 14 in-person crypto banks. A joint venture between Cashaa and United Multistate Credit Co. allowed the creation of Unicas crypto banks. The first brick-and-mortar branch opened in Jaipur with plans to rapidly expand to 100 branches by the end of 2022.
Unicas aims to build, scale, and offer customized financial and crypto products for the local Indian markets, as per CEO Dinesh Kukreja. As of January 22nd, Unicas clients have access to crypto and fiat assets banking services. These include savings accounts, crypto exchanges and loans, and debit cards to easily spend the currency.
While online banking options are available through Unicas, the in-person branches are the first of their kind, offering convenient crypto guidance.
Brick-and-Mortar Crypto Banks
India Opens 14 In-Person Crypto Currency Banks
Trend Themes
1. In-person Crypto Banks - The establishment of in-person crypto banks creates a new level of convenience and accessibility for cryptocurrency users, potentially disrupting traditional banking practices.
2. Customized Crypto Banking Products - Unicas' goal of building and scaling customized financial and cryptocurrency products for local Indian markets presents an opportunity for disruptive innovation in the fintech industry.
3. Integration of Crypto and Fiat Assets - Unicas' offering of both crypto and fiat assets banking services through its branches presents an opportunity for the integration of these two financial systems in a way that could challenge traditional banking models.
Industry Implications
1. Fintech - The establishment of in-person crypto banks and the development of customized financial and cryptocurrency products presents an opportunity for disruptive innovation in the fintech industry.
2. Banking - The integration of crypto and fiat assets in a brick-and-mortar banking model presented by Unicas could potentially challenge traditional banking practices.
3. Cryptocurrency - Unicas' offering of in-person crypto banking services further solidifies the growing presence and importance of cryptocurrency in the financial industry.