TL;DR Breakdown
• Crypto Bank tries to create a unique FD and RD scheme in cryptocurrencies.
• Regulations in India do not stop cryptocurrency bank operations.
Cashaa, a UK-based crypto bank, is organizing to expand its operations in India. This launch is scheduled for August with Unicas, a company linked to Cashaa and United. The Unicas Company is also pleased to announce being a main financial entity that works with cryptocurrencies.
The entity for decentralized tokens will grant unique services such as commerce, loans, and savings. The bank wants to issue recurring and fixed deposits in BTC and other crypto tokens. These FD deposits will be very similar to bank deposits, only that they will work with decentralized currencies.
Crypto Bank launches its FD fund
The FD fund for cryptocurrencies will have an expiration stage for users to consider. Crypto Bank will let investors have small amounts of assets in their special wallets. Even low-profile crypto deposits and withdrawals can be daily.
The Cashaa goal is to manage the retail investors; the bank function is to give security to the investors’ funds. Investments can be low, like about $100, and from there, the user can enter the cryptocurrency market.
But ZebPay, one of the best cryptocurrency exchange systems, already has a deposit service with the tokens. The company even has an autonomy of ninety days with which the investor can earn stable interest on each deposit.
Unicas has three offices in Jaipur, Delhi, and Gujarat. Crypto Bank’s main headquarters is in Rajasthan, specifically in Jaipur. However, the Unicas CEO wants to expand his work throughout the territory.
Rates at the crypto bank are special
Cashaa crypto Bank offers savings services to their clients in Indian rupees and tokens such as Bitcoin. The company has a commission rate that stands at 4 percent each year. But this crypto bank will give house-to-house products to premium users.
Users can also request credits and will use cryptocurrencies as a form of guarantee. Unicas will have an interest rate adjustable to 0.04 percent each day with loans. It will also allow credits for daily payment for users who need it urgently.
According to Cashaa, some banks in India are taking measures against crypto and their transactions. However, India has not regularized the cryptocurrency market, so its trade is free.
People can and will continue to exchange their fiat currencies to crypto or vice versa with no government restriction.
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