Cashaa, a fiat and crypto neo financial institution, on Thursday (May 19) introduced its exit from Unicas, Cashaa’s maiden try to enter the non-public crypto-banking market after changing into a market chief in B2B crypto banking.
In 2020, Unicas provided crypto-friendly INR Savings accounts to its prospects in partnership with the United Multistate Co-op.
Recently, Cashaa holding firm Crypto Innovations UAB was granted a European digital property license from Lithuania.
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“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,” stated Anamaria Redianu, Cashaa’s Board consultant, stated in an announcement.
Cashaa is predicted to quickly launch its enlargement 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”, stated Kumar Gaurav, Cashaa CEO.
The compensation from the buyout will contribute to a $20 million funding fund to develop the fast-growing Web3 market. The full particulars will probably be out quickly, the assertion stated.
“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, stated.
Presently, Unicas has 4 branches absolutely working in India, and the corporate goals to additional its enlargement.
Unicas offers saving accounts and provides collateralized loans towards crypto property.
Source: www.financialexpress.com”