Cashaa exits from Unicas

Cashaa exits from Unicas

Cashaa will soon release its expansion plan for India.

Cashaa

Mumbai:The crypto neo bank, Cashaa, has announced its exit from Unicas. This is Cashaa’s maiden attempt to enter the personal crypto-banking market after becoming a market leader in B2B crypto banking. 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.

In 2020, Unicas offered crypto-friendly 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 Cashaa’s Board representative Anamaria Redianu.

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.

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

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