Crypto Saving Platform Vimba Receives Investment From NEM Ventures

Investing, News | March 6, 2019 By:

Crypto savings and trading platform Vimba has secured an undisclosed portfolio investment from NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem.

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.

The new capital will be used to expand in several more regions over the coming months, including Australia, Ireland, The Netherlands, and Germany.

“NEM is a quality, community-driven project, run by a passionate group of experts looking to improve the ecosystem and amplify the positive impacts of blockchain technology,” said Sam Blackmore, Founder, and CEO of Vimba. “This ethos speaks volumes to Vimba, and this collaboration will help us to expand into new regions and develop the platform further, providing a safe and trusted gateway to the new economy to everyday users, all over the world.”

Dave Hodgson, Director and Co-founder of NEM Ventures, said that the investment recognizes the vision and value of Vimba in providing an on-ramp to fiat for the NEM community.

“We are proud to be helping such a forward-thinking project scale sustainably,” Hodgson said. “Vimba’s services are the beginning of a larger vision to build a crypto-first banking model, which could offer all the services expected of a fiat bank, encompassing earning interest on savings, collateralized debt, stable coins, and loans. We look forward to seeing what the project achieves in 2019.”