Singapore-based crypto bank Vauld is working hard to elevate crypto to the status of an independent, viable asset class. It combines the functions of an exchange and all the basic products of the bank, except for cryptocurrencies.
Vauld raised $2 million
In the past four months, the Vauld team has just raised $2 million from companies such as Pantera, Coinbase Ventures, and CMT digital. CEO Darshan Bathija said: “Investors love that we are building solutions to solve cryptocurrency banking.”
As the cryptocurrency market dominates financial news and prepares for what may be the best year in 2021, the Vauld team plans to use the funds to expand its team from 7 to more than 20, and in the new Active in the market. Crypto banks currently offer quite high yields, with a yield of 3% to 11% for their customers’ crypto deposits, while also providing crypto loans and exchange functions.
Now, the Vauld team hopes to double the price of these products and get higher revenue, OTC service desk and more fiat currency matching. The main audience of Vauld is high-net-worth individuals, Dashan said, “They want to earn income, but they don’t want to incur capital gains liability.”
The team did state that it will continue to be friendly to beginners and invite new investors to participate in the market. Related to this, Vauld also quickly realized that the first concern of early adopters of cryptocurrency was the safety of their funds. The partnership between Vauld and BitGo has solved this problem very effectively, BitGo is a trusted leading custody brand in the crypto world. BitGo’s wallet is insured for $100 million by Lloyd’s London.
As for the generally vague legal views on cryptocurrencies across markets, Vauld stated that they will “work closely with commodity and banking regulators to ensure that we and [their] Partners always maintain compliance in a constantly changing regulatory environment. “
Vauld is led by Darshan Bhatija and Sanju Sony Kurian, both of whom have accumulated rich experience in building and expanding startup companies after the A round of financing. Darshan also served as the business director of TapChief. Sanju used to be the CTO of Kings Learning, which is a scale product with 25 million users.
Vauld is an evolutionary idea of the bank that combines the potential of cryptocurrency. With Vauld, users can lend, borrow, and trade encrypted assets just like fiat currency or regular assets.
Four traditional goals of banking institutions can be outlined:
- Store of value –Ensure that encrypted assets are protected with appropriate security levels.
- Easy consumption -High liquidity inside and outside the exchange (see below for more details).
- Capital growth -Fixed deposit interest payment (currently provided up to 12% APY)
- exchange -Trading various crypto assets with each other and Indian rupee. (Other fiat currencies will be launched soon!)
With its products and partnerships, Vauld has strong potential in this emerging field of crypto banking. The concept of encrypted banking itself has great potential and almost heralds the arrival of the era of the encrypted world. If you are a crypto enthusiast who wants to participate in the industry, Vauld’s referral program may be worthy of your attention. The platform promises 40% of transaction fees and 5% of all interest paid or earned to all users who successfully recommend friends. Coupled with its active and attractive Telegram community, it is an enviable user base the brand has created for itself.
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