The UK-based online banking platform to manage cash, fiat and cryptocurrency is planning to launch its India operations early next month, offering loans for and against crypto assets.
The company has tied up with United Multistate Credit Co-operative Society to launch Unicas, the world’s first crypto-friendly financial institution with physical branches in India.
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The move has raised eyebrows within financial circles as the company has taken the path of a credit cooperative society when the Reserve Bank of India (RBI) barks at private virtual currencies.
Although the Supreme Court reversed the Reserve Bank of India’s crypto-related order last year, some Indian lenders remain wary of crypto and have advised their customers not to use their services for crypto-related transactions.
To get a pie of the growing crypto market in India, the company will release personal account services by mid-August on the occasion of India’s Independence Day.
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“We plan to issue it during Independence Week as a symbol of freedom of money. We will start issuing cards to account holders by the end of this year,” Kasha said in a statement.
“The company will provide savings accounts in both Indian Rupee and crypto, loans for investing in crypto, lending against crypto, and card services. We plan to open over 1000 branches in India in the next three years and we are on tie-up with Other cooperatives are working,” Kumar Gaurav, CEO CASA told ABP News in an exclusive interview.
Asked about RBI’s approval for entry into India, Kumar Gaurav said that United operates as a multi-state co-operative society and thus the central bank’s permission is not required for this model.
According to Casa, Indian banks seem to be cracking down on cryptocurrencies and exchanges, although cryptocurrencies have not been formally banned in India. Banks are stopping transfers to crypto-related accounts, leaving Indian crypto exchanges struggling to switch to fiat currency. As a result, these exchanges are now turning to Casa for fiat services.
The government may introduce the Regulation of Cryptocurrencies and Official Digital Currency Bill, 2021 in Parliament during the monsoon session.
With over 200 crypto companies banking on them, Casa claims to have the largest market share of crypto banking in Europe. In addition to the Unicas venture in India, Casa will launch its services for individual users in the United States, the United Kingdom and Europe in 2021, powered by the CAS token.
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