Vauld Raises $2 Million to Establish Stronghold in India

Singapore-based crypto bank Vauld is working hard to make crypto the status of a separate, viable asset class. It combines the functionality of an exchange with all essential offers of a bank, with the exception of cryptocurrencies.

Vauld raises $ 2 million

The Vauld team has raised USD 2 million from Pantera, Coinbase Ventures and CMT Digital, among others, in the past four months. “The investors thought it was great that we wanted to build for banking with cryptocurrencies,” says Darshan Bathija, CEO.

With the crypto market dominating the financial news and preparing for possibly the best year in 2021, the Vauld team plans to use the funds to expand their team from 7 to over 20 and initiate an active presence in new markets. The crypto bank currently offers relatively high returns – from 3% to 11% on their customers’ crypto deposits – while offering crypto loans and exchange functions.

Now the Vauld team expects these offerings to double, with higher returns, an OTC desk, and more fiat pairings on the exchange. Vauld’s main audience are high net worth individuals who, according to Darshan, “want to generate returns, but prefer not to accept liability for capital gains”.

The team says it will continue to be beginner friendly and invite new investors to join the market. In this context, Vauld also quickly realizes that the safety of their funds is one of the first concerns among early crypto users. Vauld’s partnership with BitGo, a fairly trustworthy, leading custodian brand in the crypto world, addresses this emphatically. BitGo’s wallets are insured with Lloyd’s London for $ 100 million.

Regarding the often ambiguous legal perspective of cryptocurrencies across markets, Vauld says they will “work closely with commodity and banking regulators to ensure that we and [their] The partners are and will remain fully compliant in the changing regulatory landscape. “

Vauld is led by Darshan Bhatija and Sanju Sony Kurian, who both have extensive experience in building and scaling startups beyond their series A-rounds. Darshan has also worked as the director of TapChief. Sanju was the CTO of Kings Learning, a scaled product with 25 million users.

Vauld’s offerings

Vauld is a further developed idea of ​​a bank, combined with the potential of cryptocurrencies. Vauld enables users to borrow, borrow and trade crypto assets such as fiat currencies or conventional assets.

Vauld ticks off the four traditional goals of a banking institution:

  1. Store of Value – Ensuring that crypto assets are preserved with reasonable security.
  2. Easy Spending – High liquidity both on and off the exchange (more on this below).
  3. Capital Growth – Regular Interest Payments on Deposits (APY of up to 12% currently offered)
  4. Exchange – Trade a variety of crypto assets with each other and for the Indian rupee. (with other Fiat currencies coming soon!)

With its products and partnerships, there is great potential for Vauld to be a leading provider in this emerging crypto banking area. The crypto banking concept itself has considerable potential and almost heralds the growing up of the crypto world. If you are a crypto enthusiast looking to get into the industry, Vauld’s referral program probably deserves your attention. The platform promises to all users who successfully refer friends 40% of trading fees and 5% of all interest paid or earned. Coupled with its rather active and engaged Telegram community, this is an enviable user base that the brand is building for itself.

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Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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