First crypto Bank in the world

[Theoboy]

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great 😁. And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022😁

What a great news to the crypto world most especially to the Indians

Source: https://www.financemagnates.com/cryptocurrency/news/worlds-first-physical-cryptocurrency-bank-opens-in-india/

[CODE200]

Banks to be established and accept or adapt this technology won't be a problem. But there's one thing I'm concerned with; will it be used by investors knowing that there are wallets in which we could store our holdings with and exchangers to sell some amount. Indeed it would be a bit of a hassle but fees would be for sure, lower compared to bank transactions which would include taxation (more likely) since it would be under a government. This I think would matter more than establishment of Bitcoin banks. Same thing goes with third party networks which are now accepting or are planning to accept cryptocurrencies as a mode of payment. But if this would be patronised by the users, I am thinking of an advantage banks will offer in order to catch their interest.

[Lucius]

Every time I read something about Cashaa, I remember the news that they were hacked in a fairly simple way - so everything that has to do with them seems unprofessional to me in a way. As for the crypto bank, I'm not thrilled with the idea - because every user should be their own bank if we want real decentralization. On the other hand, India is a huge market, and I am not at all surprised by such initiatives.

However they set up their business, I hope they won’t keep their clients ’funds in hot wallets and anything like that.

Cashaa hacked. 336 BTC Stolen.

[bL4nkcode]

The thread's title is misleading and sounds like a typical ICO lol.

Anyway, while this is good for Indian crypto community and adoption as a whole, I just don't know how long their government still being capricious about their regulation of cryptocurrency on the country.

[masterrex]

I think the concept of the Crypto Bank is not new, In fact, many platforms are already claiming that they are the first one. But my point is are they needed? for me it is not because it's a concept of Centralization, and we are talking cryptocurrencies like Bitcoin, etc. which is promoting decentralization so that it does not make sense to me. The Industry just needs a bridge but not a bank with a centralized function. But thats only my opinion and I'm not an expert about it.

[AjithBtc]

Ccrypto Bank is a much-needed one for the purpose of better spreading about the cryptocurrency. India being a big market, anything successful within India will yield good profit as well as help in widening of the market. Right now the service is being opened in a partnered manner. More banking services have already begun to operate only with cryptocurrency.

[Wenbing]

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great . And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022

What a great news to the crypto world most especially to the Indians

Source: https://www.financemagnates.com/cryptocurrency/news/worlds-first-physical-cryptocurrency-bank-opens-in-india/

I've a double thought on this news.

1. It's one of its kind in the crypto world. This means they would reap the benefits of first mover advantage, if there would be any. They'll also experiment for others.

2. I am eager to know how they plan to operate and what's their cutting edge business model that make them different from the traditional fiat banks.

Great indeed to have the first crypto bank.

Ccrypto Bank is a much-needed one for the purpose of better spreading about the cryptocurrency. India being a big market, anything successful within India will yield good profit as well as help in widening of the market. Right now the service is being opened in a partnered manner. More banking services have already begun to operate only with cryptocurrency.

I read a tweet of recent about the how India  is pursuing an aggressive digital economy strategy. I believe they will soon become like China in terms of digital Inclusion.

This crypto bank will depeen the digital Inclusion and financial inclusion in this country. With the population of India, it may become a leading digital technology nations in the nearest future.

[moderator's note: consecutive posts merged]

[GeorgeJohn]

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great 😁. And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022

Having a crypto bank is a welcomed development because it will be very easy to transact with bitcoin in India both purchasing and selling, but in order aspect of it if I may ask what is going to be the major function of btc bank since we have some exchange platforms where we can buy and sell btc which is existing now such as Binance, but I'm not condemning the fact that bitcoin or crypto bank is bad, but the differentiation between the bank and Binance we know as exchange for long period.

[bekti3]

Personally I do not agree with the establishment of a cryptocurrency bank even though it is in my country, the reason is that it cannot be completely controlled by the legal owner, so if we deposit crypto into the bank (save money) then they will charge interest per month. this of course will be very detrimental to its users.
This is not a good solution, especially for India which is still vulnerable from a security perspective and also facilities that do not guarantee 100% security. it's better to hold your crypto freely in your control, even if there's a loss it won't hurt a lot of people. Imagine if it was stored in a crypto bank, of course if there was a theft, for example 1 bitcoin per person, would the bank easily return it, while crypto banks in India were still in the experimental stage.
highly not recommended for any reason.

[menoiazei]

  What is the point since bank is third party to hold your coins and bitcoin concept is financial freedom without third parties involved

[Tash]

First crypto Bank in the world

Fail, only someone not unterstanding crypto would come up such nonsense.

[verita1]

Unicas the First Physical Crypto Banking brand in the world to offer all crypto-based services in Jaipur, India.
It is incredible but true! In this forum there was much talk about the controversies of the Indian nation about Bitcoin, many times banned but the Indians got away with it.

If you read the article you will find the graphics of the offices in Jaipur, India.
Congratulations to India for this great achievement as a nation because it means a great step to contribute to the empowerment of people and massive expansion.

Sometimes a news like this can sound contradictory when the crypto community is an advocate of decentralization but there are people who need the resource and knowledge to undertake and forge a future and institutions like these can provide the support they need.

https://medium.com/cashaa/unicas-opens-worlds-first-physical-crypto-banking-branch-in-jaipur-india-d0722e2ae514

[Tstar]

This sounds pointless to me. All you need is a smartphone or even a piece of paper.

"14 branches by January 2020 " means additional taxes and expenses that will be transferred to the end-user.

[Theoboy]

Fail, only someone not unterstanding crypto would come up such nonsense.

That's why we are all here. We are here to learn so if am wrong please kindly correct me. We learn from our mistakes
Thank you

[jacobjorden]

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great 😁. And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022😁

What a great news to the crypto world most especially to the Indians

Source: https://www.financemagnates.com/cryptocurrency/news/worlds-first-physical-cryptocurrency-bank-opens-in-india/

India. The 'Unicas' will help people to perform transactions in cryptocurrency and fiat from one account to the other. The bank will offer services for crypto as well as fiat assets.

[Coinsfera]

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great 😁. And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022😁
What a great news to the crypto world most especially to the Indians
Source: https://www.financemagnates.com/cryptocurrency/news/worlds-first-physical-cryptocurrency-bank-opens-in-india/

Why do we need a bank if Satoshi wanted to create a decentralized bankless system!? Bitcoin is meant to be bankless why should we go back to the old days. Creating the central authority to control cryptos is not a good idea. It can be only possible if the bank by itself is decentralized.

[anotherdayyyy]

Banks to be established and accept or adapt this technology won't be a problem. But there's one thing I'm concerned with; will it be used by investors knowing that there are wallets in which we could store our holdings with and exchangers to sell some amount. Indeed it would be a bit of a hassle but fees would be for sure, lower compared to bank transactions which would include taxation (more likely) since it would be under a government. This I think would matter more than establishment of Bitcoin banks. Same thing goes with third party networks which are now accepting or are planning to accept cryptocurrencies as a mode of payment. But if this would be patronised by the users, I am thinking of an advantage banks will offer in order to catch their interest.

I don't think banks are necessary, like burning the daylight. you can totally put your crypto wealth on exchanges, like aave. since we can do it by ourselves, why go to the bank? I don't really trust banks. I prefer my own wallet

[NathanielParker]

Every time I read something about Cashaa, I remember the news that they were hacked in a fairly simple way - so everything that has to do with them seems unprofessional to me in a way. As for the crypto bank, I'm not thrilled with the idea - because every user should be their own bank if we want real decentralization. On the other hand, India is a huge market, and I am not at all surprised by such initiatives.

However they set up their business, I hope they won’t keep their clients ’funds in hot wallets and anything like that.

Cashaa hacked. 336 BTC Stolen.

sure. every user can be the bank of their own. who needs a bank? giving your cryptocoins to the bank is risky and not convenient when you wanna some information of this market. I don't know anything to be happy about, it's a trap!

[Jazmin Leslie]

I think the concept of the Crypto Bank is not new, In fact, many platforms are already claiming that they are the first one. But my point is are they needed? for me it is not because it's a concept of Centralization, and we are talking cryptocurrencies like Bitcoin, etc. which is promoting decentralization so that it does not make sense to me. The Industry just needs a bridge but not a bank with a centralized function. But thats only my opinion and I'm not an expert about it.

banks, together with the governments, can be capricious in regulation. we don't know what they are gonna do to our money, they foucus on the profit of their own. maybe one day when bitcoin is very expensive and gets accepted by the world, your crypto savings in the bank will be gone or manipulated by the authorities. we need to decentralize the regulation, no banks.

[seagates]

Everyone can be his own bank in the crypto but people still searching for the banks here