New Zealand has issued $330,000 to a local crypto startup
Callaghan gives Vimba a Grant
The CEO of tech giant Vimba actually stated that he was impressed by how much faith the Callaghan innovation agency had placed in the crypto startup. He went on to say that this investment was superbly significant as well and it was exciting to see how much faith people had in an asset like this.
History of Vimba
In 2014 this company was found by cryptocurrency enthusiasts and was previously known as MyCryptoSaver. The rebranding ended up showing the range of services that the company has that have been given by this company that is based in Auckland.
This platform is currently able to use the money of New Zealand and allow the cryptocurrencies of bitcoin and Ethereum to be purchased. When asked if he would be increasing the range of the services that company provides he stated the company said it was currently considering the expansion of the cryptocurrencies.
When the bitcoin value dropped with such a significant margin from 20,000 to less than 5000 there was a lot of problems with regards to thinking about the future of bitcoin itself and therefore as a result most cryptocurrencies began to get a spotty reputation.
Amidst the range of sadness that was present around cryptocurrencies Blackmore was able to tell people that the recent volatility was no reason for the people to get discourage d and that in the long term it would be better. If you would like to read more about New Zealand government issued grant visit this article.
Market Conditions of Cryptocurrencies
The company stated their belief that it would reach a market cap that would be comparable to the market cap of gold since it had much better attributes in terms of efficiency, accessibility, and being more secure. Once it reaches that cap each bitcoin would be worth 600,000 dollars.
As he stated it is never too late to begin investments into cryptocurrencies since in the long term it is a good prospect for anyone.
The COO of Vimba stated that he planned to use the grant that Callaghan provided and use it for the promotion of technological innovation so that it will become easier to realistically transfer small amounts of bitcoin to several customers easily. This will be able to distinguish the company from others on the market. If you would like to read more about cryptocurrencies impact visit this article.
Future Prospects for the Company
The company also states that the market of the UK can be penetrated by them and Blackmore will be able to temporarily be present there and his intention to launch within the UK market is in the next few weeks.
- The firm is currently responsible for the enabling of clients within New Zealand and help them to buy and sell their cryptocurrency.
- Currently they deal mainly in bitcoin and Ethereum. The firm has stated that going forward plans for expansion are a major priority and the company has hopes that eventually there will be many more cryptocurrencies added on the website in its portfolio.
- The signs from Blackmore look as good as they can currently since according to them the time at the low prices of bitcoin is the best.
- This is the best time for many new individuals who are new to cryptocurrencies to begin investing in cryptocurrencies and enter the market.
- Currently the prices are at an all time low and are expected to pick up greatly in the future. Therefore, the margin for profit also stands currently at the highest point that it has ever been and might ever be in the future.
The Chief Operating Officer of Vimba actually stated how the large grant provided to the company will be used. He stated that the money of the grant will be used in assisting within the development of the different types of innovations and new technologies in the sector of cryptocurrency and bitcoin etc. in particular. His hope is that out of the box thinking coupled with the large amount of money form the grant will be easily the best thing which can allow Vimba to beat its competitors and become a better company as a result. If you would like to read more about funding receive from New Zealand government visit this article.
A new method to improve the ways in which the company is functioning is increasing the security of the firms and their handling of the companies themselves. The method is called a multi sign or multi signature method of security whereby multiple levels of verification are present within the hierarchy whereby work needs to be done. In an industry where, multiple firms are always getting hacked and robbed this firm may be secure due to this reason.
The platform itself also provide a large number of rounds of investment for cryptocurrencies like Ethereum and bitcoin currently since they are the only two available. The CEO of Vimba recently stated that the clients of the company itself are extremely stable to an extent that they can even bear the amount of problems that the market has to regularly endure each year or in each cycle. His optimistic views on the position that bitcoin will soon occupy within the market has given rise to much more positive methods of bringing cryptocurrency far more into the eye of the public.
It is important to understand that the grant the government of New Zealand has provided holds far reaching implications for the conditions of the market of cryptocurrencies in general. The government has now confirmed its faith within cryptocurrencies and products etc. which are related to it as well. The market holds a lot of problems and potential risks because of its experimental nature however, with the backing of the government it could become much better.