Monday, May 20, 2024

You can buy Bitcoin from your saving account locally

Now new and existing members of The United Multistate Credit Co. Operative Society will be able to open or use their savings accounts to buy cryptocurrencies. In a recent development. United, which currently has 34 branches across north India has partnered up with the leading London-based neo-bank Cashaa, which allows cryptocurrencies to be part of the banking system. 

‘This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets’ said Mr. Dinesh Kukreja, Chief Executive Officer of United Multistate Credit Co. Operative Society has been appointed as the CEO of the new UNICAS venture. 

Through its branches, which will now also act as Crypto lounges, saving account holders will be able to deal with Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), and Ripple(XRP). Users will also be able to use cryptocurrencies to take collateral loans, like any traditional loan given by banks. Apart from this, these lounges will act as centers where anyone can walk in to better understand emerging technologies such as cryptocurrency and invest in them.

Kumar Gaurav, Founder & CEO of Cashaa” stated ‘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. Also, India is still largely a cash-based economy despite a Demonetization drive. With UNICAS Crypto lounges we intend to address both issues which are slowing the process of cryptocurrency adoption in India.’

With this move, The United Multistate Credit Co. Operative plans to start expanding its area of operations through UNICAS across India by December 2021. At its peak of 175 employees, the cooperative plans to pump the Indian economy in Tier 2 cities and towns by opening 100 more branches and employing thousands of skilled workforce from these areas during this period. Initially, Crypto lounges will be started in Delhi, Gujarat, and Rajasthan and then expanded to other states in India. 

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