Cashaa, a prominent fiat, and crypto neo bank announced its exit from Unicas, Cashaa’s maiden attempt to enter the personal crypto-banking market after becoming a market leader in B2B crypto banking. In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op.
In recent events, Cashaa holding company Crypto Innovations UAB was granted a European virtual assets license from Lithuania. “The proposal was in the best interest of Cashaa, and it was decided that it would be even beneficial for both companies if Cashaa accepts a proposed buyout offer and exits from Unicas,” said Ms. Anamaria Redianu, Cashaa’s Board representative.
Cashaa will soon release its expansion plan for India. “The Indian market offers tremendous potential, especially after the recent clarity regarding cryptocurrency taxation and legal infrastructure. We at Cashaa welcome this decision”, said Mr. Kumar Gaurav, Cashaa CEO.
The compensation from the buyout will contribute to a $20 million investment fund to develop the fast-growing Web3 market. The complete details will be out soon.
“We have decided to acquire our stake from Cashaa representative in India to give a new direction to Unicas. After the recent reforms, the Indian market has a huge upside potential”, said Sonal Kukreja, Co-founder and CEO of Unicas.
Presently, Unicas has four branches fully operating in India, and the company aims to further its expansion. Unicas provides saving accounts and offers collateralized loans against crypto assets.
Cashaa started as a peer-to-peer money transfer platform that transformed into a neo-bank in the UK. Cashaa has been helping businesses to access crucial banking infrastructure and deliver robust products to their users. Cashaa has onboarded more than 400 crypto businesses that have transacted billions of dollars using its solution. Cashaa is currently the largest community of crypto businesses, including heavyweights such as Binance, Chainlink, Kucoin, Nexo, Polygon, Paxful, CoinDCX, CoinSwitch Kuber, Bitbns, Unocoin, and many more.