The blockchain company, Cashaa, recently announced that it would be collaborating with India’s United Multistate Credit Cooperative Society to develop a new venture. The two seek to build a crypto-friendly institution dubbed UNICAS jointly and will include 34 physical branches. The operation will be primarily based in Northern India as well as covering the state of Rajasthan and renowned cities such as Gujarat and Delhi. Crypto-related jobs in India are increasing as demand for coworking spaces in Chandigarh and other cities also increases.
Cashaa aims to expand the network to 100 physical locations by next year.
According to the announcement, Cashaa will be seeking to expand the network to 100 physical locations by next year. The UK-based company believes that the venture will facilitate the access of crypto products by interested users. This comes just over a month since the crypto banking platform unveiled its expansion plans to regions like the Caribbean, Africa, and the US. Cashaa had raised about $5 million from Dubai-based O1ex to facilitate the plans. The blockchain firm also has plans to allow its users to set their crypto assets as collateral for loans.
“Reports of a crypto ban in India were nothing but speculative stories.”
Earlier it was reported that the Indian central government might be planning to introduce a bill in the parliament to make the use of cryptocurrencies illegal in the country. However, Cashaa’s CEO Kumar Gaurav expressed his opinion, saying that the reports on a possible crypto ban in India were nothing but speculative stories. He went on to add that he did not believe regulations would be a stumbling block to the venture. The CEO also talked about India’s interest, saying that most Indians are not aware or misinformed about cryptocurrency as an online product.
