NZ Government to invest $330k into Vimba crypto savings and trading platform |

NZ Government to invest $330k into Vimba crypto savings and trading platform

NZ Government to invest $330k into Vimba crypto savings and trading platform

Callaghan Innovation, the innovation arm of the New Zealand government has invested $330,000 into Vimba, cryptocurrency savings and trading platform in the country.

Vimba was earlier known as MyCryptoSaver and this investment has come at the time when the platform has rebranded itself to Vimba.

“This is a truly significant investment from Callaghan Innovation and a real show of faith in the future of this very exciting asset class,” said Sam Blackmore, CEO, Vimba.

The CEO assured that the money will go into implementing new features into their service.

“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,” he said

In 2014, the platform started quite small by letting residents of New Zealand invest small amounts in Bitcoin every week.

It all started as a passion but eventually ended up as a business for Vimba’s founders as they now have 5,616 users and $6.5 million worth of Bitcoin.

After the launch, the business has been twice before and is now ready for launch in the UK soon.

“Even over the past year, in a bearish crypto market, our user base has remained very stable. This shows that our user-base shares the same long-term view of crypto and blockchain more generally as we do: it’s still a very nascent technology with tremendous potential,” said Blackmore.

Another reason for MyCryptoSaver to rebrand itself to Vimba is that it is now not only a savings platform but also a trading platform which lets users sell and buy Bitcoin and Ethereum to others from around the world.

See Also:

Ripple could be adopted by the Central Banks of New Zealand and Australia?

Alibaba, Fonterra trial blockchain to lift Chinese consumers trust in New Zealand milk

Image via Shutterstock

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Author: Nitin Murali
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