Crypto Saving Platform Vimba Receives $330K Grant From New Zealand Govt’s Innovation Arm

Investing, News | October 31, 2018 By:

Crypto savings and trading platform Vimba has received a $330,000 grant from Callaghan Innovation, the New Zealand government’s innovation arm.

Launched in 2014, Vimba, formerly known as MyCryptoSaver, offers a simple way for all New Zealanders to invest small weekly amounts in 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 the platform. It has also completed two investment rounds.

The funding is part of Callaghan Innovation’s “R&D Project Grant” initiative, which is designed to help companies build their research and development expertise by giving their business an opportunity to push the boundaries and uncover new scientific or technical knowledge and understanding. 355 such grants were approved during the last fiscal year.

Vimba CEO Sam Blackmore 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 bearish market this year, Blackmore has an optimistic outlook for the crypto market. He said that volatile periods are to be expected and have been happening from the genesis of bitcoin, adding that long term trendline has always been up and their outlook is long term.

“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,” said Blackmore. “For it to reach the market cap of gold, one bitcoin would be worth around $600,000 — more than 60 times what it’s worth today. Some people ask whether the crypto ship has already sailed and whether it’s too late to start investing, but when you take the long term view, it’s clear this is still just the beginning.”