Cashaa, a fintech firm based in the UK, has recently collaborated with the United multistate Credit Cooperative Society of India. This was done in order to launch a banking company centered around crypto, going by the name of Unicas. As it stands now, Unicas will open 34 branches in Northern India, and is making plans to expand to 100 branches total by next year.
New Crypto Developments
The Indian economy is one largely driven by savings. Unicas, in turn, stands to offer crypto savings accounts, ones that will pay interest on crypto its users deposit. This, in turn, could stand as the needed catalyst for India’s cooperative credit societies to come into the crypto scene, making the most of this new financial opportunity.
Overall, however, the crypto industry of India has seen incredible amounts of growth in both new clients and volumes. This comes after India’s Supreme Court had ruled against the Reserve Bank of India’s ruling to ban banks from offering services to crypto businesses. This was repealed back in March of 2020.
India Becoming A Crypto Hotspot
Nischal Shetty stands as the founder of the WazirX India-based crypto exchange, and gave a statement about the matter at large. He explained that the crypto ecosystem of India has seen tremendous growth since the banking ban on crypto was lifted in India. This ruling came just before the COVID-19 pandemic smashed through the country, which had the small respite of allowing people to investigate crypto before participating in it properly.
Ashu Swami stands as the CTO of Apifiny, which is a crypto solution and liquidity provider from New York. Swami stated that this growth had increased thanks to the growing concept that Bitcoin (BTC) has become a safe haven. Alongside this, it makes remittances from other countries easy, as well.
Massive Growth In India’s Crypto Scene
Alongside this, Swami highlighted the massive volatility of the Indian Rupee, which has dropped by 80% compared to the USD within the past decade. With its high transaction costs, Swami highlighted Gold’s relative hassle to trade in, with real-estate also seeing a slump since 2016’s demonetization. Swami also singled out the stocks market, noting the record high valuations, as well as many people believing that a correction will come relatively soon.
With all of these factors taken into consideration, as highlighted by Apifiny’s statistics, the major international crypto exchanges, barring some exceptions, have seen incredible increases in traffic from Indian users. The growth can range from 5 to 10 times for 2020. Local Indian crypto exchanges managed to gain from this, as well. Indian exchanges saw a 10-time increase in registrations for 2020, which is 2.5 times the global average. The global average, in turn, stands at 400% year-over-year growth.