The online cryptocurrency platform has 56.000 customers and branches in Rajasthan, Delhi and Gujarat. The joint venture called Unicas will offer interest on crypto deposits and the society will also give out loans against cryptocurrency. Cashaa provides clearing services and offshore bank accounts to cryptocurrency exchanges in India.
Customers can maintain crypto savings accounts with Unicas and get interest in the same cryptocurrency as the deposit. For instance, a bitcoin deposit will get interest in bitcoin.
The United Multistate Credit Cooperative Society is regulated by the Central Registrar of Cooperative Societies rather than the Reserve Bank of India. As such, no specific permission from the registrar is required for this service.
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