- Vauld crypto service provider has raised $2 million in a funding round
- The funding round was led by a clutch of investors, with participants like Coinbase Ventures and Pantera Capital
- With the raised capital the firm is planning to expand its business operations in India
- The strike on the crypto transaction ban has helped the Indian crypto industry to surge
Vauld, formerly known as Bank of Hodlers’, a Singapore and Bengaluru-based crypto service provider, has recently raised a $2 million capital fund. It is known that the funding round was led by a clutch of different investors. The start-up Several new venture capitalists have participated in the funding round along with existing investors. However, it is known that the firm has raised the capital to expand its operations in India.
Vauld has attracted a good number of angel investors
In the funding round led by a clutch of investors, Vauld has raised $2 million. According to Vauld investors like Coinbase Ventures, CMT Digital, Gumi Cryptos Capital, Pantera Capital, and LuneX Ventures have recently participated with other existing investors to help the firm raise capital. However, other firm investors included Robot Ventures, Better Capital, Jesus Rodrigues, the chief executive officer of IntoTheBlock, CoinShare, and New Form Capital. In the last funding round in June the firm raised $5,00,000, from LuneX Ventures and other Indian investors.
Why did the crypto services provider firm raise the capital?
Vauld’s platform allows its users to lend several types of cryptocurrencies and earn interest on them. The firm desires to be a holistic decentralized finance platform and provide payments, credit, and trading. According to Darshan Bathija, the founder of Vauld, the firm is looking forward to closely working with India’s commodities and banking regulators. It also wants to stay compliant through the changing regulatory landscape. However, the firm will mainly use the raised capital to focus on hiring and expanding its presence in the nation and expanding to underpenetrated markets to promote the adoption of virtual currencies as a legitimate asset class.
Strike on the crypto ban has helped cryptos mainstream in India
Since March 2020, when the Supreme Court of India struck out the ban on crypto transactions, a strong flip was observed in the crypto industry. Several crypto businesses and trading platforms are expanding rapidly. In October, Unocoin, the leading crypto trading platform in India, raised capital in a funding round, though it never disclosed the total raised fund. After which earlier December 2020, CoinDCX, India’s largest and safest crypto trading platform raised more than $13 million in a Series B funding round. However, it is also known that the blockchain for nation fund has a corpus of $50 million.
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