New Zealand's government-supported innovation agency, Callaghan Innovation, has awarded a $330,000 grant to local cryptocurrency wallet and trading service provider Vimba.
Funding Details and Purpose
According to an October 30 press release, Vimba received this financial support as part of a "Research and Development Project Grant." Previously known as MyCryptoSaver, Vimba plans to use these funds to expand its product offerings, including:
- Listing additional cryptocurrencies
- Implementing multi-signature cryptocurrency wallets
A Callaghan Innovation spokesperson clarified that such grants can cover up to 40% of a project's funding, with 355 similar grants approved in the previous fiscal year.
About Vimba Platform
Founded in 2014 under the name MyBitcoinSaver, the Auckland-based platform enables New Zealand citizens to make regular small investments in major cryptocurrencies like:
- Bitcoin (BTC)
- Ethereum (ETH)
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CEO Sam Blackmore noted their customer base remained stable despite market volatility, expressing confidence in Bitcoin's long-term value proposition as "a more efficient, accessible, and secure rare asset" compared to gold.
International Context
This development follows similar government-backed crypto initiatives in neighboring Australia, including:
| Initiative | Details |
|---|---|
| TravebyBit Grant | $8.3M innovation fund for crypto tourism startup |
| Sugar Supply Project | $1.7M blockchain grant for sustainable sugar tracking |
FAQ Section
Q: How will Vimba use the government funding?
A: To expand cryptocurrency listings and develop advanced wallet security features.
Q: What makes Vimba unique in the NZ market?
A: Its recurring investment model simplifies dollar-cost averaging for mainstream investors.
Q: Are there similar government programs supporting crypto innovation?
A: Yes, Australia has multiple grant programs for blockchain and cryptocurrency projects.
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The company plans to launch services in the UK in coming weeks, marking its first international expansion. This government endorsement signals growing institutional recognition of cryptocurrency's economic potential in the Oceania region.