Cashaa, a fiat and crypto neo bank has announced its exit from Unicas, Cashaa’s maiden attempt to enter the personal crypto-banking market.
Cashaa, a fiat and crypto neo bank, on Thursday (May 19) 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.
Recently, Cashaa holding company Crypto Innovations UAB was granted a European virtual assets license from Lithuania.
ALSO READ | What is happening to Bitcoin amid global crypto market crash?
“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 Anamaria Redianu, Cashaa’s Board representative, said in a statement.
Cashaa is expected to 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 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, the statement said.
“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”, Sonal Kukreja, Co-founder and CEO of Unicas, said.
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.