Crypto Banking Platform Unicas Expands Physical Presence In India

Unicas, a crypto-financial platform, has opened its second branch in the Delhi NCR region, with the launch of its branch in Janakpuri, West Delhi.

The platform was established in a joint venture between Cashaa, a UK-based neobank, and Jaipur-based United Multistate Credit Cooperative Society, and offers crypto-enabled banking solutions.

Unicas is one of the first physical cryptocurrency companies, as it has branches across India delivering crypto-based solutions such as a crypto bank account, a crypto-based credit scheme, and a crypto exchange.

Speaking with Inc42, Dinesh Kukreja, CEO, Unicas said that the thought of establishing physical branches comes from the banking industry.

“Even though banks and banking services are present online, they still have physical branches. A branch allows a customer to sit one-to-one, and this thought led to the establishment of branches,” Kukreja said.

He mentioned that a significant number of Indians are not really educated when it comes to crypto, and therefore, there is a need for trust to be established in order to promote the same. 

Kukreja said that Unicas brings that trust with the help of physical stores, which allow a customer to sit down with a company’s employee, understand the workings and the risks of investing in crypto, and then make a decision.

Unicas offers savings accounts, which invest in crypto on behalf of the customer. Further, the company has claimed that it can offer interests of up to 13%, with daily interest accumulating.

The savings account, which is indicative of the involvement of Cashaa, is one of the three products that the JV offers. Unicas also allows a credit facility, wherein a customer can use the crypto they hold as collateral to get a loan from the company.

Further, the company also offers a crypto exchange for its customers.

Unicas accepts the CAS token as its native crypto asset.

Users with a higher portfolio balance in CAS get additional banking services along with a lower rate of interest for loans along with higher earnings on saving balance.

Kumar Gaurav, founder and CEO of Cashaa, said, “Contrary to the popular speculations in regard to crypto, we have witnessed a handsome response for the physical branches. We noted how this has helped us to facilitate awareness of technology and innovation, along with introducing the finest banking infrastructure.”

The Union Finance Minister Nirmala Sitharaman called for global crypto regulations in her address at the International Monetary Forum (IMF) in Washington DC earlier this month.

India has also recognised money laundering and terror financing as major problems associated with crypto.

While the government’s stance on cryptocurrency remains hostile, with a 30% crypto tax and a 1% TDS, crypto still remains one of the most popular new-age investments.