On October 27, the United Multistate Credit Cooperative Society Limited announced that it plans to provide cryptocurrency banking services in 22 of its physical branches. The registered cooperative society has formed a joint venture called UNICAS through a partnership with UK-based banking platform Cashaa to facilitate this business process.
This implies for the first time, customers of the United Multistate Credit Cooperative Society would be able to go a branch and transact cryptocurrencies or take loans depending on the amounts of their holdings.
Dinesh Kukreja, the Chief Executive Officer of UNICAS and the Managing Director of the United Multistate Credit Cooperative Society Limited, said: “We are the first regulated financial institution in the world with physical branches where users can access crypto products.”
As per the report, through the new venture (UNICAS), the United Multistate Credit Cooperative Society aims to provide its customers with crypto banking services in 22 branches in the northern part of the nation (Rajastan, Gujarat, and Delhi states, whose populations are about 150 million).
UNICAS plans to unveil operations in December 2020 and intends to expand such crypto banking services to over 100 branches by 2022.
Besides UNICAS seeking to make crypto services available to physical branches, it also wants to offer online cryptocurrency banking services and enable customers to link their crypto wallets with their bank accounts. The new venture will offer crypto savings accounts; lending with property, cryptocurrency, and gold, and cryptocurrency buying and investment.
At launch, customers would able to sell and purchase major cryptocurrencies with Indian rupees, including Bitcoin (BTC), Ether (ETH), Bitcoin cash (BCH), Litecoin (LTC), Ripple (EXP), and EOS. UNICAS will also list Binance (BNB) and Cashaa (CAS).
The regulated credit cooperative society has tapped London-based crypto company Cashaa to bring cryptocurrencies to the local market. Dinesh Kukreja said: “This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets.”
The presence of cooperative banks and societies in India is very important as they play a crucial role in the country’s economy, especially in remote regions whether they offer banking services to small industries and workers. Such cooperative societies are governed under the country’s Cooperative Societies Act, 1912.
India Sees Huge Growth in Crypto Interest
India has been experiencing a cryptocurrency renaissance since the country’s Supreme Court overturned the Reserve Bank of India’s ban on banking services for crypto-related businesses in March this year.
Cryptocurrency companies have since then experienced surging crypto volumes and trading in the country. An increasing number of investors have been seen flocking to invest in digital asset businesses in the underserved market. While regulatory uncertainty is still a concern in India, crypto operators are confident that the government would not introduce a blanket ban on cryptocurrencies.
The country’s significant growth of cross-border remittances, more confidence in the regulatory environment, and instability of the rupee currency explain the significant rise in India’s cryptocurrency market share.
The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin
1 minute read
- Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit.
- The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later.
Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:
“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”
Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.
As a result of this, it has led to high fees and longer than average confirmation times.
With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!
The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.”
The second richest man in Mexico invest 10% of his portfolio into BTC
1 minute read
- Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world.
- It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin.
Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones 😌.— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
Esto es la expropiación inflacionaria! 🤦🏻♂️ pic.twitter.com/ahblQW6AhO
Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.
Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.
Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board
1 minute read
- Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks.
- It was announced last week that Fred would be joining the board following a recent round of funding.
Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.
The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.
Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:
“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”
XRP Price Analysis: XRP Continues Correcting
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