Vimba, a Crypto savings and trading platform based in Auckland, has been given a $300,000 grant by a New Zealand government entity.
Grant Proof Of Faith In Crypto Sector
While lauding the generosity of the government entity, Callaghan Innovation, in giving it that much money in the grant the chief executive of Vimba Sam Blackmore officially praised the entity for believing in the start-up.
He stated in a press release that the grant was a significant investment made by Callaghan Innovation to the start-up and that the investment was a show of the confidence Callaghan Innovation had in the future of the asset class.
Vimba was founded four years ago by a pair of Bitcoin enthusiasts that was previously known as the MyCryptoSaver. They later rebranded to Vimba in order to reflect the wide variety of services that were available on the platform.
Bitcoin May Soon Reach Gold Market Cap
At the moment the platform allows its users to utilize the New Zealand Dollar to buy digital assets like Bitcoin and Ethereum. While commenting on its plans of increasing the range of services available on its platform, Blackmore commented that the firm was looking into increasing the number of Cryptocurrencies it offers.
Many traders and investors in Crypto have registered a level of disillusionment because of the drastic fall in the price of Bitcoin from over $20,000 in late last year to an amount that has fallen past the $5,000 mark this year. With many within the Crypto community not being certain about the future of Bitcoin, there has been an increased pessimism about what the price of other digital assets in the sector will be.
Even in the face of the gloom that has encompassed the current Crypto sector with the current extended bear market, Blackmore is urging people to not be put down by the current market but to instead focus on the positive trend that is going to be experienced in the long-term.
He said that as a firm they are holding on to the belief that Bitcoin will soon get to gold’s market cap due to the fact that it is not only more efficient but also easily accessible as well as more secure much like gold itself. Blackmore enthused that in order for Bitcoin to get to this market cap, Bitcoin’s price would have to grow to $600,000 which is sixty times more than what it is currently valued at.
Future Plans Of Expansion
According to Blackmore, these prospects mean that it is still not too late to invest in digital assets as the long-term prospects are still very much promising.
Matt Gibson, the start-up’s chief operating officer has said that the firm will be using the grant offered by Callaghan in the promotion of a technological innovation that will allow the start-up to send Bitcoin to many customers at one go. According to him, this will help distinguish the firm from its competitors.
The firm is also looking to get into the UK market where Blackmore is currently residing on a temporary basis.