The venture capital and investment arm of the NEM blockchain has announced its portfolio investment in crypto savings platform Vimba.
Founded in 2014, the New Zealand-based platform is aiming to tap the vast retail customer base allowing customers to invest in increments of crypto as small as $10 up to $2000 NZD in a four-week period.
Commenting on the investment, Dave Hodgson, director and co-founder of NEM Ventures, said: “This investment recognizes the vision and value of Vimba in providing an on-ramp to fiat for the NEM community, and we are proud to be helping such a forward-thinking project scale sustainably.
“Vimba’s services are the beginning of a larger vision to build a crypto-first banking model, which could offer all the services expected of a fiat bank, encompassing earning interest on savings, collateralized debt, stable coins, and loans. We look forward to seeing what the project achieves in 2019.”
Global Presence is Necessary
Along with small savings services, Vimba also offers crypto exchange services. Formally branded as MyBitcoinSaver, the platform has launched its services in New Zealand and the United Kingdom as well.
According to the platform’s website, it has 6326 registered users and has delivered 821 Bitcoins. Though the figure is relatively small, the support from NEM Ventures can boost the scale of the platform.
The crypto platform is also planning to extend its services in other jurisdictions in the coming months including Australia, Ireland, the Netherlands, and Germany.
Meanwhile, another New Zealand-based crypto exchange – Cryptopia – was hacked earlier this year and has endured an estimated loss of $16 million worth digital coins. After a two-month long investigation, the exchange finally resumed its services, however, no official details of the attack has been revealed yet.
“NEM is a quality, community-driven project, run by a passionate group of experts looking to improve the ecosystem and amplify the positive impacts of blockchain technology,” Sam Blackmore, founder and CEO of Vimba, said. “This ethos speaks volumes to Vimba, and this collaboration will help us to expand into new regions and develop the platform further, providing a safe and trusted gateway to the new economy to everyday users, all over the world.