Indian-based cryptocurrency startup Vauld has raised $2 million to broaden the platform’s functionality and push into European and U.S. markets.
Excited to support @Vauld_ and @darshanbathija @sanjukurian13 in delivering crypto financial services to India and beyond! https://t.co/PZBPmJAfO1
— Pantera Capital (@PanteraCapital) December 28, 2020
The funding round was led by Pantera Capital. Investors included Coinbase Ventures, LuneX Ventures and private individuals.
In March, the Supreme Court of India overturned the RBI’s 2018 ban on servicing cryptocurrency companies. As a result, Vauld was able to significantly expand its user base in the region over the past six months.
“We are seeing institutional capital entering the crypto space. We expect that bank integration will complement the offerings of cryptocurrency lending,” said Vauld CEO Darshan Bathija.
The company plans to establish an over-the-counter (OTC) trading desk for fiat and cryptocurrency transactions, as well as issue debit and credit cards in several countries. The project’s stated mission is to move all banking operations onto the blockchain.
According to the company, Vauld’s growth has risen 950% since its initial investment of $500,000 in June. According to Bathija, this is \”a clear sign that banked crypto products are valued and anticipated in both the United States and overseas.\”
According to roadmap, the startup intends to obtain licenses to operate in Singapore, the United Kingdom and the United States in the next two years.
In December Paxos attracted $142 million in investments. The company will allocate the funds to develop new products, including infrastructure solutions.
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