Vault, the Singapore-based crypto lending platform, has managed to raise US$2 million in funding, that is, about Rs 15 crores of capital. It plans to use the capital to expand its operations in India.
In India, the Company plans to focus on hiring. It is looking at engineering resources for its offices that will be opened across the country.
The Company will be working in alignment with the commodities and banking regulators in the country to ensure that their “partners remain totally compliant with the changing regulatory landscape”.
The funding has come from many sources, including a couple of Indian angel investors, along with LuneX Ventures, Robot Ventures, CoinShares, Coinbase Ventures, Better Capital, CMT digital, Gumi Cryptos Capital, as well as Robert Leshner, CEO, Compound Finance and Jesus Rodrigues, CEO, IntoTheBlock.
Now, Vauld plans to go beyond being just an India-focused crypto platform to a holistic DEFI platform, covering payments, credit and trading.
Earlier this year too, LuneX Ventures had invested in Vauld. Since then, it has grown ten times, and hopes to keep doing so given the fact that cryptocurrencies are becoming widely popular. This latest round of funding was led by Pantera Capital and will help Vauld become a full crypto bank.
The platform is aiming to make cryptocurrency the most popular and preferred banking instrument by simplifying its use and integrating it with the existing banking infrastructure.