New Zealand’s innovation agency, Callaghan Innovation, has reportedly provided Auckland-based crypto trading platform Vimba with a $315,000 government grant, according to the Scoop news site. Vimba, which previously operated as MyCryptoSaver prior to its rebranding, has indicated that it will use the money to promote technological innovation and expand its offerings.
CEO Sam Blackmore said:
“The money will go towards new key features for our 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.”
Vimba currently boasts 5,616 users on its savings and trading platform, who hold roughly $6.5 million in Bitcoin. The company has already completed two rounds of investment prior to the recent government grant, and reportedly plans to launch operations in the UK in the coming weeks.
Blackmore praised the government investment and referred to it as “truly significant.” He also called it a “real show of faith in the future of this exciting asset class.”