Cashaa, a crypto digital bank with no physical branches, has announced its exit from Unicas where it was providing backend services. In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op. Cashaa in partnership with United Multistate co-op society, where it empowered users with the freedom to transact in fiat and crypto through a single account.
Presently, Unicas has four branches fully operating in India, and the company aims to further its expansion. Unicas provides saving accounts and offers collateralised loans against crypto assets.
Anamaria Redianu, Cashaa’s Board representative, commenting on the development, said, “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.”
Cashaa has been providing backend support to crypto heavyweights like Binance, Chainlink, Kucoin, Nexo, Polygon, Paxful, CoinDCX, CoinSwitch Kuber, Bitbns, Unocoin, and many more.
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 Kumar Gaurav, Cashaa CEO.
Sonal Kukreja, Co-founder and CEO of Unicas 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 huge upside potential.”
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.
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Cashaa holding company Crypto Innovations UAB was recently granted Lithuania’s European virtual assets license. With this development, Cashaa becomes regulated and can continue to provide a more secure ecosystem to the users. Now, Cashaa can offer crypto services without any interruption, giving its customers a more guarded and trusted service.