Singapore-based crypto lending and borrowing platform Vauld has raised $2 million in a fresh funding round with the aim to become a full-fledged crypto bank. The funding round was led by Pantera Capital with participation from Coinbase Ventures, LuneX Ventures, and well-known angel investors like Robert Leshner of Compound Finance. Currently, Vauld’s operations are confined within the Indian sub-continent. CEO Darshan Bathija noted that they want to expand the company’s business to Europe and the United States.
The startup is planning to gain licenses from Singapore and the UK.
The CEO further noted, “We see institutional capital come into the crypto space with the expectation of banking integrations to complement crypto credit offerings.” Previously known as Bank of Hodlers, the startup plans to gain licenses from Singapore and the United Kingdom in the next two years. Bathija is also considering to approach the crypto-friendly regulators of Wyoming for a license. The startup also has plans to introduce new services like an over-the-counter (OTC) desk and trading services in the short run.
The startup wants to offer crypto credit cards in multiple countries.
The Singapore-based startup also wants to offer crypto credit cards in multiple countries. Meanwhile, many established cryptocurrency service providing companies are moving towards banking services. Earlier, Paxos and BitPay applied for a federal banking charter in the US that will allow them to bypass the state regulators. Other prominent crypto-related companies like Kraken Financial and Avanti Financial gained licenses from Wyoming for their ambitions of becoming a crypto bank. Pantera Capital’s partner, Paul Veradittakit, said, “Vauld’s vision to make cryptocurrencies the preferred instrument of banking by making it simple to use and interoperable with the current banking infrastructure is what we are excited about.