Crypto News

New Zealand Government Issues $330,000 Grant to Local Bitcoin Startup

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Auckland-based cryptocurrency savings and trading platform Vimba has gotten a $ 330,000 grant from a government entity Callaghan Innovation.

Lauding the largesse of the grantor, Vimba CEO Sam Blackmore commended Callaghan Innovation for its belief in the startup.

“This is a truly significant investment from Callaghan Innovation and a real show of faith in the future of this very exciting asset class,” he remarked in a press release.

Founded in 2014 by a duo of kiwi bitcoin enthusiasts and formerly known as MyCryptoSaver, the rebranding reflected the broad range of services offered by the Auckland-based platform.

The platform currently enables users to use the New Zealand dollars in purchasing bitcoin or Ethereum. While giving an insight into plans of expanding the range of services being offered, Blackmore noted that the company was considering the prospects of “expanding the range of cryptocurrencies.”

There was a sense of disillusionment among many traders following Bitcoin’s significant depreciation from almost US$ 20,000 in mid-December to an amount below US$ 5,000. There was an air of uncertainty about the prospects of the most popular digital asset, and this ultimately led to pessimism about other digital assets as well.

Amidst the gloom that doused the enthusiasm of many investors, Blackmore urged people not to feel discouraged by the recent volatility but rather endeavor to latch onto the digital asset’s positive trend at the long-term.

“We believe Bitcoin will at least reach the market cap of gold as it is more efficient, more accessible, more secure version of that rare asset. 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,” Blackmore enthused.

In his view, it’s never too late to start investing in cryptocurrencies as its long-term prospects provide leverage for anyone to join the crypto ship while it is still sailing.

Vimba Chief Operating Officer Matt Gibson disclosed plans to use the grant obtained from Callaghan to promote technological innovation that will make it possible to transfer little amounts of bitcoins to hundreds of thousands of customers in one fell swoop. This according to him will give the company a mark of distinction from its competitors.

The company also contemplates on penetrating the UK market – where Blackmore has been able to obtain a temporary residence. He intends to launch into the market within the next couple of weeks.

Featured image from Shutterstock.

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