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Local Crypto StartUp Receives Funding From New Zealand's Government

A New Zealand state entity has pumped $330,000 into a crypto lending firm as part of support for the sector.


 

Vimba Seeks To Stay After Key Funding

A local Bitcoin startup in New Zealand has received a $330,000 grant from the government. The firm, Vimba is based in Auckland and it deals in crypto savings. The grant was issued by Callaghan Innovation, an entity backed by the government.

The grant was confirmed by Vimba boss Sam Blackmore. In a press statement, he lauded the government entity for trusting the startup’s future prospects.

Vimba started operations back in 2014 and it was rebranded from MyCryptoSaver. The rebranding was necessary since the firm was offering different products to clients.

Currently, the firm enables clients to use New Zealand dollars to buy bitcoin and ethereum. Blackmore stated that they have plans to expand going into the future. The company is hoping to add more cryptos to its platform.

From the start of this year, the crypto sector has experienced some disillusionment after bitcoin plunged from its all-time high value of $20,000 to about $5,000. Following the plunge, many are not sure about the prospects of bitcoin going into the future. The uncertainty has resulted in pessimism regarding major cryptocurrencies.

Despite the doubt, Blackmore has expressed enthusiasm that the market will ultimately recover from the current volatility. He urged people not to feel discouraged but instead focus on the positive aspects of cryptos and to incorporate them into long-term plans.

According to Blackmore, there are signs that bitcoin might attain the market cap of gold and other precious metals. He said that bitcoin will become easily accessible, secure and more efficient. He pointed out that to attain the gold market capitalization, then one bitcoin will have to be valued at $600,000, which will be an increase of 100 times the current value.

He has called for investments in cryptocurrencies since the future looks bright. Blackmore pointed out that this is the perfect time to invest in the industry before prices skyrocket. He added the long-term benefits should prompt everyone to join the sector.

Vimba COO Matt Gibson further gave a glimpse of how the grant will be utilized. He said that the funds will be used to boost innovations that will permit movement of tiny amounts of bitcoin to many clients in a single swoop. Gibson said that such a feature will place Vimba ahead of its competitors.

The UK market is on the company’s expansion list.  Blackmore lives in the UK on a temporary basis and the firm could be unveiled in the coming weeks.

1 month ago

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