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Indian Crypto Bank to Open Physical Location in the Country

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Jan 13, 2021

In recent years, the cryptocurrency industry has gained a lot of success in East Asia. Countries such as China, Hong Kong, South Korea, and Japan have emerged as countries that have welcome the crypto-industry into their regions.

China, Japan, and South Korea have even announced that they are working on introducing their own CBDC. When it comes to adopting the crypto-blockchain technology, China and South Korea have been the countries whose contributions are infinite in the industry. While Hong Kong is the country that is known for being the friendliest when it comes to accommodating crypto-exchanges and other firms.

When it comes to China, the country has been at the top of the crypto-technology game. Over the course of time, the country has announced that it will be integrating blockchain technology into its health sector. The country has even announced the launch of its first blockchain-based bank that is set to launch in the middle of the year 2021.

Just recently, India has emerged from South Asia as the country that is as interested cryptocurrency industry as China and any other tech-savvy countries. Although the country did face some problems and issues in the past couple of years, things have started going in the right direction for crypto-firms in the country.

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Now that cryptocurrencies have received legal status in India, crypto-firms have gained confidence in offering their services openly and publicly. As per the recent reports, Unicas has announced the launch of its physical crypto-bank. The firm has confirmed that it has opened its physical crypto-bank in Jaipur, India.

Unicas is a platform that has been developed as a joint venture between United Multistate Credit Co-op Society and Cashaa, which is an online crypto-banking platform.

It was back in October 2020, when the announcement was made by Multistate that it was planning to offer crypto-banking services through online and physical channels. It was confirmed by Multistate that it is considering launching the service through all of its 34 facilities that are located in northern India.

The firm clarified that the Multistate users would be able to access assets whether they are fiat or cryptocurrencies through the facilities. It was also revealed that the platform ‘Unicas’ will also be available for users for requesting digital loans, which will be granted instantly. The loans granted would be provided in the form of cryptocurrencies.

Following the news, it has been confirmed by Cashaa that a physical crypto-bank has been opened in Jaipur. The branch in Jaipur is one of the fourteen branches that will be targeted for the initial rollout and testing of the crypto-platform. Cashaa confirmed that the 14 physical branches will be spread across three different states in India.

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