Tag: blockchain

Bitcoin in bank account? How banks can partner crypto firms, BFSI News, ET BFSI

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Can’t beat them, join them.

After stonewalling cryptocurrencies and firms, banks are now coming around to the cryptocurrencies.

Indian bankers, which are not ready to touch crypto even with a barge pole following the regulator’s reluctance over cryptos, can parse the American Bankers’ Association’s (ABA) report on how lenders can partner from the new-age currency.

The ABA report

The American Bankers’ Association (ABA) has issued a new report that suggests banks consider partnerships with crypto firms based on the increased profitability of the sector and client interest. The ABA further suggests crypto use cases for banks with revenue models and regulatory issues for each use case.

“Cryptocurrency markets are rapidly evolving, and there is currently a diverse and complex ecosystem of companies offering access to digital asset products. The digital and programmable nature of these products means they can be used to facilitate many kinds of financial activities that increasingly mirror the products and services offered by traditional financial institutions, ” it said.

The use case for banks

n payments the blockchain-powered payment networks have the potential to allow for faster and more efficient payments, especially in cross-border transactions.

In lending blockchain technology can allow for cheaper, more secure, and more efficient lending processes while in settlements, distributed ledgers can provide cheaper and faster transactions between financial institutions.

Custody/Wallets provides independent/secure storage for users to hold and invest in crypto assets, while KYC/AML helps banks track the flow of funds and identify the parties involved in digital asset transactions

Digital identity distributed ledgers can provide the necessary record of information needed for authentication and verification purposes while given the proposed reporting structure for crypto transactions, the distributed ledger transactions can be easily found and reported in an efficient and timely manner.

Banks can offer business banking services to crypto companies such as corporate accounts, USD/fiat custodial accounts.

The customer can lend his or her crypto for interest and a bank could earn a fee or percentage of the crypto earned.

Banks could also charge fees for these services similar to a debit or credit card transaction and can provide crypto lending to borrowers for a fee.

Banks can look into revenue models that include charging transaction fees, listing charges for adding crypto to a platform, and deposit fees.

They can look at revenue from collecting the spread on transactions for crypto assets that are classified as securities.

The asset management use case for banks would enable a fee for service on a crypto portfolio.

In India, this will need the regulatory haze to fade first.



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Through digital strategy, SBI to explore partnership with Agritechs to push farm credit

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State Bank of India (SBI) explores opportunities to enter into partnerships with select Agritechs to handle high volume and low-ticket loans in the Agribusiness optimally through a digital strategy.

India’s largest bank sees Agritech (agricultural technology) as a channel to bring in a new segment of customers (which the bank could not access earlier) – a channel to improve decision making, grow top-line and improve efficiency.

 

“The partnership will also serve as an opportunity to cut operational costs, credit costs, improve profitability and user experience as digital transformation will no longer be optional but a necessity for structural change in the digital ecosystem,” as per the bank’s annual report.

The bank wants to enter into partnerships with Agritechs with a differentiated business model that will help facilitate the transformation of the Agri supply chain to improve farm production opportunities for the farmers.

This will be done using digital tools such as Artificial Intelligence (AI), Blockchain, IoT (Internet of Things) and Machine Learning-powered capabilities.

During FY21, SBI disbursed ₹1,98,268 crore against the target of ₹1,74,468 crore.

 

“Growth in agriculture and allied activities is the only silver-lining in such a gloomy year.

“Agri Gross Value Added expanded by 3.6 per cent in FY2021 due to sufficient access to inputs, adequate and well-spread south-west and northeast monsoon rains, sufficient reservoir levels and improved soil moisture,” the report said.

According to data on the sectoral deployment of bank credit for March 2021, credit growth to Agri and Allied activities accelerated to 12.3 per cent in March 2021 (4.2 per cent a year ago), the highest since April 2017, it added.

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Banks discourage crypto customers with account suspension warnings, BFSI News, ET BFSI

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After putting curbs on crypto exchanges banks have trained guns on their customers crypto transactions.

Banks including HDFC Bank and State Bank of India have sent official notices to many customers warning them of curbs, including permanent closure of accounts.

Lenders are asking customers to clarify the nature of transactions and warning credit card users that transactions of virtual currency will lead to suspension/cancellation of card.

Though there is no order by the RBI, lenders are opting to tread on the side of caution.

While trading in cryptocurrency is not illegal as per existing Indian laws, individual institutions can enforce their terms based on their risk assessment.

Exchanges evaluating options

Crypto exchanges are currently evaluating their options and are hoping to resolve the matter with a dialogue instead of raising the matter in court again.

Last week, the Blockchain and Crypto Assets Council also sent representation to various government stakeholders to put forward the industry’s case for banking access, according to a person privy to the matter.

Indian crypto exchanges, which have seen record-breaking transaction volume and customer sign-ups in recent months, are evaluating their options, including ways to seek clarification from the court and asking for additional supplemental material based on the verdict.

In May 2020, the co-founder of crypto exchange Unocoin had filed an RTI query questioning whether the RBI had prohibited banks from providing accounts to crypto exchange companies or crypto traders.

There is no prohibition on banks providing accounts to traders dealing with virtual currencies, the Reserve Bank of India told cryptocurrency exchange Unocoin then.

The crackdown

Since early May, leading banks, notably private sector lenders ICICI Bank and IndusInd Bank, have asked payment gateway partners to stop processing such transactions.

Axis Bank, Kotak Mahindra Bank, Citibank, and others are limiting their exposure to the cryptocurrency market.

Banks, the industry sources said, have stopped issuing merchant IDs to payment gateways, and have asked these intermediaries to tighten scrutiny while dealing with cryptocurrency exchanges in India.

The issue started in late February and according to experts, the recent surge in the market, dogecoin frenzy and advertisements by crypto exchanges during IPL led to a fresh clampdown on the cryptocurrency.

Regulator against it

According to reports, the Reserve Bank of India is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry.

The guidance comes as the Indian government is drafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the Covid crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors` confusion.

The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India`s top court overturned the RBI ban and allowed lenders to extend banking facilities to them.



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SaveIN raises undisclosed pre-seed funding from global, Indian investors

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SaveIN, a social finance-based neobank, has raised an undisclosed amount in pre-seed funding from a clutch of global and Indian angel investors and industry stalwarts. The Gurgaon-based firm will use the funds for expansion plans and product development.

The names of the investors – who were from banking, consulting, blockchain and fintech – were not immediately disclosed.

“The company is looking to use the recently raised funds to expand its market reach, accelerate product development and strengthen its in-house team. We aim to reach over 5 lakh users by the end of this financial year from the present 10,000,” Jitin Bhasin, Founder and Chief Executive Officer at SaveIN said.

Background

Set up in 2020 by banker and fintech professional Jitin Bhasin, SaveIN helps users lend and borrow money among each other, especially for short-term requirements.

Bhasin had teamed up with EY Hong Kong senior executive Anurag Varma and Gaurav Luthra, founder of Whatsup Life to start SaveIN. The company also roped in Rahul Gupta as Chief Financial Officer (former VP-Finance at Stashfin) and Karan Jain as Chief Operating Officer (former Director at Bankbazaar).

The company launched beta phase in April 2021.

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HODL your horses, cryptos face possible hurdles ahead, experts say, BFSI News, ET BFSI

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Evolving rules, environmental concerns and competition from central banks threaten to undermine many of the world’s fast-growing crypto assets, crypto and macro experts said, while creating opportunities for those able to adapt.

Europe and the United States are both working on regulating digital assets and their providers – moves welcomed by investors, who hope the new ground rules will encourage institutional investors to plunge in.

Anatoly Crachilov, co-founder and CEO of Nickel Digital Asset Management, which manages assets worth $200 million, told the Reuters Global Markets Forum that regulatory uncertainty was a drag on the development of the crypto space.

He described the promise by the U.S. Securities and Exchange Commission‘s new Chairman Gary Gensler, to provide “guidance and clarity” to the market during his confirmation hearing in March, as a turning point.

For its part the European Commission‘s proposed “Markets in Crypto-assets,” or MiCA regulation, will regulate crypto-assets and their service providers in the European Union.

“It will be a new banking sector, with passporting possibilities,” digital asset trading solutions company H-Finance CEO Vytautas Zabulis said, referring to the prospect of EU-wide cryptocurrency trading licences.

Alongside the evolving regulatory framework, some countries, including China, Britain and Russia, are considering launching their own central bank digital currencies (CBDCs).

That is likely to be followed by legislation to tax gains, said Robert Carnell, chief economist and head of research at ING Asia. “That may be the death knell for these other cryptocurrencies, though central bank coins are on the up and up,” he said.

Zabulis said that if CBDCs were developed in a way that they were “easy to interact with,” most digital currencies used for settlements will likely lose their both their goal and value.

There was not a big argument for bitcoin becoming a settlement tool, Zabulis cautioned. “Blockchain technology is for that, so, CBDCs will be built on blockchain.”

Bitcoin BTC=BTSP traded around $54,000 following a 10% surge on Monday, driven by reports that JPMorgan Chase JPM.N is planning to offer a managed bitcoin fund.

CBDCs are expected to have a limited impact on Bitcoin in particular, due to its progressively limited supply, which is in contrast to traditional fiat systems, Crachilov said.

“No central bank currency, however digital, can offer scarcity at this stage, as its supply can be inflated by a respective central bank issuing entity,” Crachilov said.

If China saw bitcoin as a threat to its own planned digital currency, that could affect the whole industry, Zabulis said.

GREEN REVOLUTION?
Creating crypto assets leaves a heavy carbon footprint, and is being increasingly seen as environmentally unsustainable.

ING Asia’s Carnell said there was “a strong argument on environmental grounds for limiting crypto mining, or at least having them offset their wasteful practices.”

However, bitcoin enthusiast Raoul Pal said he was not worried about the “unsustainability narrative”.

Pal, founder and CEO of on-demand financial TV channel Real Vision, said he believed it would drive a “green revolution” because in the end that was “the only way to win”.

Nickel Digital’s Crachilov said his fund was seeing a higher demand for ESG-compliant cryptos. “The price competition drives miners towards the cheapest sources of energy — renewables are increasingly falling into this category,” he said.

Ethereum 2 will use “proof of stake versus proof of work,” H-Finance’s Zabulis said. “It means that it will drastically reduce the energy needed” to mine it.

Garrett Minks, chief technology officer at Delaware-based RAIR Technologies, said the idea is to “trade brute force electricity burning with fancier math”.



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JPMorgan goes ‘out of this world’ to test blockchain tech; may set stage for payments between IoT devices

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Along with Amazon and SpaceX, companies such as OneWeb, Facebook, India’s Pixxel have reportedly been working on sending their own satellites to space.

Investment bank JPMorgan recently tested blockchain’s decentralised network to see if two machines could transact autonomously. And it was literally out of this world. The experiment involved carrying out blockchain-based payments between satellites in space “which validated the approach towards a decentralized network where communication with the earth is not necessary,” according to a statement by the Nasdaq-listed manufacturer and supplier of nanosatellites for customers in the academic, government, and commercial markets – GomSpace. The transaction was made utilising the company’s GOMX-4 satellites instead of JPMorgan sending its own satellites in space. The in-orbit demonstration between satellites was the “world’s first bank-led tokenized value transfer in space, executed via smart contracts on a blockchain network established between satellites orbiting the earth.”

“JPM: First bank with space-based payments using multiple satellites, enabling machine-to-machine payments, programmable value transfer, perhaps an intergalactic currency backed by H2O/O,” Christine Moy, Global Head of JPMorgan’s blockchain network Liink tweeted recently. According to GomSpace, such space-based payments have opened the door to a potential peer-to-peer DvP (data versus payment) satellite marketplace in the long term, as private companies prepare to launch their own constellations.

“I strongly believe that JPMorgan could have done this payment test without involving outer space and the satellites. They chose outer space because it is possibly the highest level of decentralized environment. A blockchain network created between the satellites and token transfer was done without any sort of communication with earth, it is similar to doing a P2P transaction on earth within a blockchain network without the use of any formal payment platform. This will enable payments between connected smart devices/IoT devices without any human intervention,” Shivam Thakral, CEO of cryptocurrency exchange BuyUcoin told Financial Express Online.

Also read: Autos, bikes continue to drive e-mobility’s post-Covid recovery even as cab booking sees lowest recovery rate

“The idea was to explore IoT payments in a fully decentralised way,” Reuters reported quoting JPMorgan’s blockchain business Onyx CEO Umar Farooq. “Nowhere is more decentralised and detached from the earth than space,” he added. Moreover, according to Tyrone Lobban, Head of Onyx’s blockchain innovation accelerator Blockchain Launch, the test also showed that it could be possible to create a marketplace where satellites send each other data in exchange for payments, as more private companies launch their own devices into space.

Along with Amazon and SpaceX, companies such as OneWeb, Facebook, India’s Pixxel have reportedly been working on sending their own satellites to space. “We are proud to have supported J.P. Morgan as they explored this novel use case of a space-based payment infrastructure utilizing blockchain technology,” Niels Buus, CEO, GomSpace said in a statement. GomSpace’s GOMX-4 satellites would further allow the company to provide rapid in orbit demonstrations, such as JPMorgan’s project, as a service to its customers to explore new uses of space technology.

Back on earth, examples of IoT payments that could become a reality sooner include a smart fridge ordering and paying for milk on an e-commerce site, or a self-driving car paying for gas, according to Farooq. “As far as the future of payments is concerned, this will bring ultimate decentralization in the financial system where even the internet won’t be required to execute payments. This will help in making blockchain technology mainstream and global banking giants will move towards blockchain technology for providing new-age banking services,” added Thakral.

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Experts, BFSI News, ET BFSI

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Cryptocurrency is currently directionless in India. The uncertainty has left investors, traders, stock exchanges and also start-ups working in the blockchain space puzzled. The government has formed an inter-ministerial group and there is a talk that the government will ban cryptocurrencies. Experts believe India will lose a big chunk of foreign investments if the government passes the cryptocurrency bill.

Cryptocurrency status in India

India has a total of seven exchanges for crypto trading and more than seven million people have invested in it. Also, around 200-250 startups are working in blockchain associated with the cryptocurrency segment. Currently, digital assets and cryptocurrencies have a global market capitalization of $ 1.5 trillion. People are finding cryptocurrency exciting due to the gigantic returns and also because it is an emerging asset class.
But the Reserve Bank of India and the government have clarified that they are not in favour of cryptocurrencies or any private digital currency. But the Supreme Court quashing the RBI appeal have given new hope to cryptocurrencies. While the government is in the process of making a cryptocurrency decision very soon, experts believe India will lose foreign funds if it disallows the new currency.

Uncertainty over the fate of cryptocurrency industry continues as the Government is yet to take a final call on the banning and regulation of cryptocurrency.

Foreign investors

“The foreign investors from the US want to invest in India and not China. And if the government bans crypto, they will not come. This will see India losing large funds. Many other countries have passed cryptocurrency bills. Many countries have already added rules and regulations and allowed the cryptocurrency,” said Sankalp Shangari, an Angel Investor.
In India, cryptocurrency stock exchanges have raised $5 million and the startups in this space are gaining interest from investors.

“Some of the largest global brands like Tesla Motors, BNY Mellon or even investors like Tim Draper maintain a portfolio of their wealth in crypto assets. They are also investors in India. If the Indian government takes a positive decision on crypto, FDI by global brands into India will increase. However, if the decision is negative, the same brands will pull out of India and go with countries that have friendly regulations. This will lead to massive job losses for India’s emerging economy and young population,” said, Atul Khekade, Co-founder, XinFin, XDC Network, which is building a platform for global trade finance.
Cryptocurrency in other countries

Many countries including the US, Singapore, Malaysia, Indonesia, South Korea have framed regulations around cryptocurrency and allowed it. Foreign investors have pumped in funds in these countries as the prices of cryptocurrencies like Bitcoin and Ethereum are skyrocketing.

“Finding a balance and fair regulation around crypto-assets can make India’s economy and rupee stronger. It is not the other way. After the Covid catastrophe, the global economy needs more connectedness through digital trust. If one wants to make their country economically stronger, one has to connect to this new layer of trust and not disconnect itself from it. A disconnect from a new form of trust would be disastrous,” Khekade said.

“By banning cryptocurrencies, India may go backwards. We should understand that cryptocurrency and blockchain as technology have made huge progress in the last five years. Maybe even I would have said no to crypto then. But now the world is moving forward and India should stay behind,” Shangari said.

In India, cryptocurrency stock exchanges have raised $5 million and the startups in this space are gaining interest from investors.
In India, cryptocurrency stock exchanges have raised $5 million and the startups in this space are gaining interest from investors.

Regulations over cryptocurrency

Cryptocurrency experts believe that banning cryptocurrency is very easy, but the government should think of regulating it. They also claim that cryptocurrency transactions are very transparent.

“Cryptocurrency transactions can be tracked online since they use blockchain technology, which is very transparent and practical for such usage. There have been various research reports that have data that unlawful activities are still funded through traditional cash. All cryptocurrency transactions can be tracked online. It is practically impossible for unlawful activities to be carried out using cryptocurrencies without getting caught,” Khekade added.

Being a regulator RBI wants to protect the interest of the large audience. The challenge with cryptocurrency is its volatility. It has been rising significantly compared to any asset class. While many have made money, there is always a fear, what if customers lose money.

Sovereign digital currency

“A sovereign digital currency wouldn’t solve India’s problem of sustaining its imports and exports to support India’s population. Digital assets and cryptocurrency technology can be used to act as payment obligation and cover collateral risk for millions of Atmanirbhar MSMEs entrepreneurs so that they can be more competitive in the global marketplace,” Khekade said.

Regulators across different jurisdictions are exploring how a central bank digital currency can be adopted.
Regulators across different jurisdictions are exploring how a central bank digital currency can be adopted.

Experts believe India already has the best payment system in the world. UPI is widely used by people in India. It is not clear why the government would want conflict with its own very successful system, they say. In terms of applications like global trade and finance, export funding that can support the Atmanirbhar Bharat initiative, the government should look at working with existing digital asset players and bring them under regulation. A sovereign digital currency wouldn’t solve India’s collateral problem to sustain its imports and exports to support India’s population.

In 1991, India had to physically transport half of India’s gold Reserves Bank of England to provide collateral to cover the risk for India’s import and exports. Digital assets and cryptocurrency technology can be used to act as payment obligation and cover collateral risk for millions of Atmanirbhar MSMEs entrepreneurs so that they can be more competitive in the global marketplace.



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Fintech lobby groups ask govt to allow blockchain ecosystem grow organically, BFSI News, ET BFSI

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The Indian government should resist creating a framework to regulate blockchain for a while, said Global Impact FinTech, a grouping for 200 fintech entrepreneurs, and the Government Blockchain Association, another lobby group.

“It is recommended that the government does not create any framework for the time being and allow the ecosystem to evolve freely with the active support of the government,” the groups said in a response to the government paper on National Strategy on Blockchain.

“Such a framework, when created too early, without adequate understanding of what may be needed and when the ecosystem is not yet mature may not be successful. Creating the national framework can be done at a time when its need will be naturally apparent.”

Both organisations are in favour of letting the blockchain ecosystem grow organically, rather than the government creating one for them. The draft strategy paper by MeitY (Ministry of Electronics and Information Technology) proposes an elaborate framework of applications, services, APIs and platforms.

“It was not very clear in the proposed blockchain framework what will be the role, access and scope of various constituents. It also gave an impression that the framework may result into a scheme wherein things are more centralised (like UIDAI) than distributed, thereby defeating the principal objective,” said the lobby groups.

The government has been in favour of using blockchain as a technology but has been against cryptocurrency, which is the tokenization of the same technology. Recently, it brought a bill in the parliament that proposes to ban all “private” cryptocurrencies.

The industry sees the government both as an enabler and a customer for blockchain technology and expects sustained support for the development of the ecosystem in India.

“The government must come out more clearly in support of blockchain adoption. To understand the nuances of what may be needed, it is suggested the government becomes an active member of some blockchain ecosystems just like some countries like Canada and Estonia have done,” the lobby groups said.

They are also seeking removal of legal and regulatory challenges to the ecosystem and the creation of a government sandbox for blockchain applications.



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Your Money: Tech trends that will shape fintech sector in 2021

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The year 2021 promises to be “the year of the value chain” for the fintech sector.

By Rachit Chawla

The fintech sector is a combination of finance and technology. Since technology keeps evolving at an exponential rate, the fintech sector follows close behind. So far, the claims of technological disruption have been centered on changes at the customer interaction level, i.e., digital account applications, digital user interface, etc. The year 2021 promises to be “the year of the value chain” for the fintech sector.

Let us take a look at some of the trends that will shape the fintech sector in 2021.

Robotic Process Automation (RPA)
The RPA is a process that utilises robots and advanced technology to perform the tasks which were otherwise carried out by humans. In 2021, we will witness more organisations adopting RPA to handle different backend tasks like security checks, customer on-boarding, account maintenance & closing, trial balancing, credit card and mortgage processing, among others. RPA allows fintech organisations to manage mundane yet necessary tasks efficiently, freeing up the human resources for other important tasks like customer service.

Blockchain
Blockchain technology has brought a level of transparency in financial transactions that once was unimaginable. Transactions have become much more secure since blockchain technology came into the picture and this has allowed the customers to trust the fintech companies that have this technology in place. Blockchain technology will play a key role in transforming the banking sector in 2021.

AI and ML
Artificial Intelligence (AI) and Machine Learning (ML) blitzkrieg is unstoppable. According to expert estimates, AI technology will reduce fintech organisations’ operational expenses by 22% by the year 2030.

AI can also play a huge role in getting cybercrime under control by identifying financial frauds and threats. It can also improve customer experience as it can easily record all the interactions between the customers and the organisation and call upon the stored data to offer just the right deals to individual customers.

Traditional banks have remained relatively rigid in their approach and have not molded themselves according to customers’ needs, can influence more people to migrate towards fintech organizations. Fintech companies will improve financial inclusion in the year 2021 by offering banking facilities to the weaker section of the society and by making banking efficient, fast, and convenient.

Biometric security systems
Fintech has made banking easier as people can now perform all their banking-related tasks remotely from any device that has an internet connection. However, this has also created a wealth of opportunities for cybercriminals – who are always looking to exploit a weakness in the system.

This means that the fintech organisations will have to rely more on biometric security systems as they are reliable and foolproof. However, biometrics industry itself is at a transformative stage, and contactless biometric solutions are going to become popular soon.

Technological evolution is a never-ending process that makes our systems and our world a better, much easier place to live. These trends will shape the fintech industry in 2021 and will make it much more efficient, robust, and customer-friendly.

The writer is CEO & founder, Fiwnay FSC

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Cashaa to launch crypto bank

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Cashaa, a blockchain-based fintech, has joined hands with United Multistate Cooperative Society, a credit cooperative society, to launch crypto bank joint venture UNICAS that allows users to transact in cryptocurrency and fiat from one account.

While the online services of UNICAS has already gone live, as many as 14 physical branches will be rolled out by January 2021 across the NCR, Rajasthan and Gujarat.

UNICAS plans to rapidly expand to 100 branches by the end of 2022. “This will allow us to build, scale and offer customised financial and crypto products for the Indian market,” said Dinesh Kukreja, CEO of UNICAS, in a statement.

The JV will enable Cashaa to access United’s regulatory licences, its physical branches and overall banking infrastructure. United Multistate Cooperative is registered in Delhi under the Multi-state Cooperative Society Act 2002 and is serving in Gujarat, Rajasthan and Delhi with a network of 43 branches.

Being a multi-State credit cooperative society working under Registrar of Societies and providing services only to members, United Multistate Cooperative Society does not need the RBI permission, Kukreja said.

Users will be able to deposit and withdraw through a savings account, the way they operate with traditional banks in India. This is the first time in the world a financial institution has enabled cryptocurrency trade through physical branches.

“If we are planning to move ahead with the aim of digital India, then we cannot hesitate in adopting new technologies and finding innovative ways to bring it to Tier 1 and Tier 2 cities in India. In addition to banking, UNICASwill also provide information and guidance on the level of convenience and security that blockchain technology offers.” said Kumar Gaurav, CEO and Founder of Cashaa.

In India, currently cryptocurrency is not regulated. It may be recalled that in March this year, a three-judge bench of the Supreme Court revoked a Reserve Bank of India (RBI) ruling that banned any entity from dealing in or getting involved with cryptocurrency transactions.

UNICAS will be providing banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the UNICAS wallet and requesting the equivalent value of rupee on their card or bank account.

The joint venture is merging United’s decade of experience in Indian traditional finance with Cashaa’s international banking and cryptocurrency experience to transform both the Indian fintech space and the crypto industry.

With the rollout of the initial 14 branches, UNICAS aims to onboard 25,000 customers within the first quarter of 2021. Cashaa, launched in October 2018, has already been providing its services to more than 200 crypto exchanges, wallets and start-ups dealing in crypto.

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