New Zealand’s state-backed innovation institute Callaghan Innovation awarded a $330,000 grant to a local crypto wallet and trading service

The New Zealand innovation agency Callaghan Innovation, being tasked with making new New Zealand business more innovative, has granted $330,000 to a local crypto wallet and trading service October 30, according to a local press release.

Vimba is the recipient of this grant issue by the state-backed institute. Vimba is a local crypto wallet and trading platform, previously known as MyCryptoSaver, but has since been rebranded to Vimba. After receiving the grant, Vimba is setting up to expand its current offerings including listing more crypto on their exchange and enabling a multi signature crypto wallet.

The grant issued is more specifically called a “R&D Project Grant.” This type of grant is used for co-funding a research development project. These grants can fund up to 40% of a project. The total number of this type of grants approved last year total 355.

Vimba, based out of Auckland offers residents of New Zealand with limited weekly investments in Bitcoin and Ethereum. Since its inception in 2014, Vimba has underwent two different investment rounds and is looking to launch its services in the U.K. in the near future.

The CEO of Vimba, Sam Blackmore says that the their client base has “remained very stable” despite the unappealing market for BTC this year. Blackmore also relayed his thoughts on Bitcoin and where it will go as time goes on. Blackmore believes that BTC will “at least reach the market cap of gold” and this is due to the crypto being “more efficient, more accessible, more secure version of that rare asset.”

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