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Crypto Bank Vauld Raises $2 Million

Vauld seems to be uniquely placed to pioneer multiple firsts as the crypto market develops and observes never-before-experienced growth. In what can only be seen as a strong expression of confidence from many reputed names in the industry, the team has raised USD 2 million CMT, Pantera, and Coinbase Ventures, and others. “The investors loved that we were building to solve for banking with cryptocurrencies,” says Darshan Bhathija, CEO of Vauld.

Vauld is anticipating new exceptional highs in the market as cryptocurrencies continue to grow in popularity and more users look at crypto as one the most rewarding hedges in current times.

What will Vauld do with the funds? Geographical and product expansion, more lucrative yields, an OTC desk, and many more add-ons for users. Vauld is currently a 7 member team with the aim of expanding to 20. Its expansion will prioritize underpenetrated markets with medium to high inflation since they are the closest to profit from crypto adoption. 

Further, their platform will remain easy for beginners whilst encouraging new investors to jump on the cryptocurrency market. With security considerations in mind, the team has partnered with BitGo to ensure the protection of its customers’ deposits, insured for an amount of $100 Million. Vauld will also “work closely with the commodities and banking regulators to ensure that we and our partners are and remain fully compliant through the changing regulatory landscape,” adds Darshan.

The Vauld Model

Vauld, previously called Bank of Holders, is a crypto bank where customers can borrow, lend, and trade in cryptocurrencies. Broadly, it offers four traditional purposes of a banking institution:

  1. Easy spending – High liquidity, on and off Vauld’s exchange.
  2. Capital Growth – Regular (and high) interest payouts on deposits (with APYs of up to 12% presently given)
  3. Exchange – A wide selection of crypto assets available for trade (with multiple fiat currency pairings arriving soon)
  4. Store of Value – Ensuring proper safety and security for customer deposits.

Darshan Bhatija and Sanju Sony Kurian Vauld, two extremely successful entrepreneurs, are leading Vauld. Both have created and expanded their previous startups past their Series A rounds. Darshan has been the head of business of TapChief previously and Sanju was the CTO of Kings Learning, a scaled product of 25 million customers. 

Interested users can join Vauld’s Telegram handle to learn more – https://t.me/VauldOfficial

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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