Indian United Multistate Credit Co-operative Society Ltd. recently partnered with London-based online crypto banking service provider Cashaa. The new partnership will enable the Indian bank to offer crypto services to its customers. Customers will also be able to take loans against cryptos.
Apart from providing online crypto banking services, the new collaboration, named UNICAS, will also enable walk-in crypto services. These services will be available across the Indian bank’s 34 branches in the northern region.
In addition, United customers can now link their accounts with crypto wallets. This suggests that account holders will be able to buy certain digital assets using their United accounts. These digital assets include Bitcoin (BTC), Ripple (XRP), Ether (ETH), and Cashaa (CAS).
Since the beginning of the ongoing pandemic, cryptocurrencies have gained more recognition in India. Several crypto exchanges in the country have been surging and have reported significant increases in their trading volume.
The CEO of Cashaa, Kumar Gaurav, is pleased with the collaboration. He said that India’s increased adoption of digital assets is a major reason behind the company’s latest move.
Gaurav also revealed plans for more partnerships with other cooperative credit societies in the near future.
“Our strategy will also rescue a struggling cooperative credit sector which has been forced to close branches and lay off staff due to Covid 19.”
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