Crypto neo bank Cashaa exits from Unicas in India

UK-based fiat and crypto neobank, 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.

In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op society Ltd. As part of the exit, the management of Unicas has acquired the share controlled by Cashaa representatives.

Unicas is a physical cryptocurrency startup which delivers crypto-based solutions such as a crypto bank account, a crypto-based credit scheme, and a crypto exchange. Cashaa’s maiden attempt to enter the personal crypto-banking market after becoming a market leader in B2B crypto banking.

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,” Anamaria Redianu, Cashaa’s board representative, said.

He further said, 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 Anamaria.

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”, 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.

“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.