Vimba, the crypto savings and trading platform, has received a $330,000 grant from Callaghan Innovation, which is the New Zealand government’s innovation arm.
Formerly known as MyCryptoSaver, Vimba, launched in 2014. It offers a simple way for all New Zealanders to invest small amounts on a weekly basis into major cryptocurrencies, such as Bitcoin and Ethereum. Since its inception, the company has grown to 5,616 users with almost $6.5 million worth of Bitcoin saved on its platform. Interestingly, Vimba has completed two rounds of investment!
The recent funding is part of Callaghan Innovation’s “R&D Project Grant” initiative, which is designed to assist companies grow their research and development expertise by giving their business an opportunity to expand beyond their boundaries and unfold new scientific or technical knowledge and understanding. Even more fascinating than the project itself, is the fact that 355 such grants were approved during the last fiscal year.
Sam Blackmore, Vimba CEO, said that the investment will go towards new key features for their expanding service.
“We will use it to build secure multi-signature crypto wallets for our users and we’re also looking into expanding the range of cryptocurrencies available to them — beyond Bitcoin and Ethereum,” said Blackmore.
Despite the sluggish performance of the cryptocurrency market in 2018, Blackmore has an optimistic standpoint for the crypto market for the future. He said that volatile phases are to be expected and have been happening since the commencement of Bitcoin, adding that the long term trendline has always been up and their outlook is long term.
Sam added,“We believe Bitcoin will at least reach the market cap of gold as it is a more efficient, more accessible, more secure version of that rare asset……For it to reach the market cap of gold, one bitcoin would be worth around $600,000 — more than 60 times it’s worth today. Some people speculate the crypto ship has already sailed and it’s too late to start investing, but when you take the long term eyeshot, it’s clear this is still just the beginning.”
New Zealand’s neighbouring state, Australia, has also been apportioned with public grants to crypto and blockchain startups. Earlier in August, the government of the state of Queensland discharged a grant to a crypto travel startup, TravebyBit, as part of its over $8.3 million in innovation funding. The company believes the funding would boost tourism to the state by selling travel offers with cryptocurrencies.