Unicas – a joint venture of India-based online crypto banking platform Cashaa and United Multistate Credit Co-op Society – has reportedly rolled out a physical crypto bank, headquartered in Jaipur, India. 

Specifically, the project – establishing itself as the first physical crypto globally – reportedly offers both fiat and crypto-asset services to customers, along with immediate loans features supported by Unicas, using crypto coins as collateral. 

The Jaipur-located physical crypto bank is reportedly included in an initial release of 14 locations throughout three states, prior to the end of the first month of 2021. The Unicas JV is reportedly also investing efforts in making an overall figure of 100 branches available by 2022. 

Per Head of Unicas, Dinesh Kukreja, the release of physical crypto bank branches will reportedly grant firms the power to provide crypto investment solutions, customized accordingly to the local Indian market. The Unicas savings account can reportedly assist customers in transacting in both digital currencies and Indian rupees.

Head of Cashaa – Kumar Gaurav – reportedly remarked regarding the development, claiming it to be a needed initiative towards rolling out a “digital India”. 

Gaurav further disclosed that Unicas will reportedly display the convenience and security blockchain adoption can bring about. 

“India is a very social and family-based country where the financial decision is made by the head of the family, which mainly lies in the age group of 40–65 years. This age group needs to see things physically before they believe in anything and that is why we decided to open a minimum of 100 branches which will establish trust about crypto but also educate and [create] awareness about crypto.”