By
Chimamanda U. Martha
May 14th, 2024
The two have established a venture dubbed UNICAS, which will offer both walk-in and online crypto banking services across 34 United Multistate branches located in northern India.
In a bid to onboard over 1.38 billion Indians in the crypto industry, United Multistate Credit has partnered with Cashaa, one of the largest neo banks based in the United Kingdom. According to the partnership details, the two have established a venture dubbed UNICAS, which will offer both walk-in and online crypto banking services across 34 United Multistate branches located in northern India.
Moreover, United Multistate customers will be able to integrate their bank account with cryptocurrencies’ wallets and in turn purchase a row of cryptocurrencies, including Bitcoin, Ethereum, XRP, and Cashaa. Notably, users can either pay using cash or opt to pay via their account.
Apparently once the services are launched, United Multistate Credit customers can take out loans using their digital assets as collateral. This is a huge milestone for the Indian crypto community that for long has suffered from unfavorable governmental crypto policies. Despite the Indian Supreme Court ordering the legality of digital assets, most traditional banks have not adopted them.
However, with United Multistate Credit bank leading onto the crypto path, the likelihood of other banks following the same path is high. Cashaa has been helping businesses provide different payment processing. Among them are over 80 payment methods to websites using different currencies and digital assets.
Cashaa banking system uses blockchain technology powered by CAS tokens. In the past 24 hours, the CAS token had jumped approximately 15.78% to trade around $0.013431 according to figures provided by CoinMarketCap. In addition, it had a market capitalization of $7,879,042 with its past 24-hour trading volume average of $30,729.92.
There are 586,624,991 CAS in circulating supply out of 1 billion total CAS tokens. Whereby it is ranked position 567 according to its market capitalization.
United Multistate Bank and Cashaa in Crypto Industry of Industry
With India recording a huge unbanked population, over 200 million according to world bank reports, crypto oriented businesses are eyeing to venture and capitalize early enough. It is to be considered that the first businesses to offer crypto-related banking services that are customer-friendly are likely to win huge market support.
India’s government has in the past taken stern measures to curb money laundering and particularly corruption.
The government through the central bank has been raising the possible alarm on crime due to crypto adoption. However, the will of the people prevailed when the Supreme Court ruled against banning cryptocurrency trading in India.
Notably, crypto exchanges in India have in the recent past recorded an uptick in trading volume of up to 400%. A clear indication India is a rising crypto market that will play a significant role in global crypto adoption.