Cashaa to split from Unicas and expand into India – The Mobile Indian
Cashaa, a digital crypto bank with no physical branches, announced its exit from Unicas where it provided backend services. In 2020, Unicas offered its customers crypto-friendly INR savings accounts in partnership with United Multistate Co-op. Cashaa partnered with cooperative society United Multistate, where it gave users the freedom to transact fiat and crypto through a single account.
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.
Anamaria Redianu, Cashaa Board Representative, commenting on the development, said, “The proposal was in the best interests of Cashaa, and it was decided that it would even be beneficial for both companies if Cashaa accepts an offer. proposed buyout and withdraws from Unicas.”
Cashaa has provided backend support for 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 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.
Sonal Kukreja, Co-Founder and CEO of Unicas, said, “We have 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.
The buyout compensation will contribute to a $20 million investment fund to develop the growing Web3 market. Full details will be available soon.
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Holding company Cashaa Crypto Innovations UAB recently obtained the European Virtual Asset License from Lithuania. With this development, Cashaa becomes regulated and can continue to provide a more secure ecosystem to users. Now, Cashaa can offer crypto services without any interruptions, giving its customers a more protected and reliable service.