Crypto bank Cashaa leaves Unicas in India

Cashaa, a fiat and crypto neo-bank, announced its exit from Unicas on Thursday (May 19th), Cashaa’s first attempt to enter the crypto-personal banking market after becoming a leader in the crypto-banking market. B2B.

In 2020, Unicas offered its customers crypto-friendly INR savings accounts in partnership with United Multistate Co-op.

Recently, the holding company Cashaa Crypto Innovations UAB obtained a European virtual asset license from Lithuania.

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“The proposal was in the best interest of Cashaa, and it was decided that it would even be beneficial for both companies if Cashaa accepts a proposed takeover offer and withdraws from Unicas,” said Anamaria Redianu, representative of Cashaa’s board of directors, in a press release.

Cashaa is expected to release its expansion plan for India soon.

“The Indian market offers huge potential, especially after the recent clarity regarding cryptocurrency taxation and legal infrastructure. We at Cashaa welcome this decision,” said Kumar Gaurav, CEO of Cashaa.

The buyout compensation will contribute to a $20 million investment fund to develop the growing Web3 market. Full details will be known soon, the statement said.

“We decided to acquire our stake from Cashaa’s representative in India to give Unicas a new direction. After the recent reforms, the Indian market has huge upside potential,” said Sonal Kukreja, co-founder and CEO of Unicas.

Currently, Unicas has four fully operational branches in India, and the company aims to continue expanding.

Unicas provides savings accounts and offers loans secured against crypto assets.