Vauld – a crypto bank from Singapore – has been working tirelessly to classify crypto as a distinct asset class different than others. Provides services same as any other financial institution except that the services relate to cryptocurrencies only.
It was informed that a fundraising scheme was recently conducted by Vault. The bank reportedly generated an aggregate amount of US$ 2 Million which it received from Coinbase, CMT and Pantera etc.
It was informed by Vauld that in less than a period of four months, it had managed to raise this substantial amount of money.DarshanBathiia, Vauld’s CEO told that investors appreciated their idea of developing a system that would provide crypto services like a bank.
Vault also informed that the funds would be used for hiring more hands to ensure an active presence in fresh markets.
Currently, the crypto bank provides lucrative returns on investment to its customers. It was informed that the customers had been offered 3 to 11% profits on their deposits. On the other hand, the crypto bank had also been providing loan facilities based on cryptocurrencies.
It has now been announced by the bank that they would want to double the rate of profits to their customers. It was also announced that very soon more crypto to fiat pairs would be launched for the sake of customers. Darshan also told that the majority of the bank’s customers had been those whose net worth are substantially higher. However, most of them had been more inclined towards gaining huge profits. But they would not want to add more capital gains in their annual income, he stated.
As regards the question of whether the services would be friendlier for beginners, Darshan did not elaborate upon it. However, he stated that their foremost interest would be to ensure that cryptocurrency had been adopted at a mass level. But in order to achieve this mass-adoption, they would be required to provide fool proof security and employ industry-leading safety standards. He said that this was the reason why they had entered into a partnership with BitGo who is a trusted name in the field. He also told that BitGo’s digital wallets had been insured for US$ 100 Million by world-renowned Lloyd’s London.
As regards the lack of a legal framework for cryptocurrencies, Darshan said that whatever would be the law, they would ensure compliance. For the purposes of compliance, Vauld would also work in close ties with the regulators, he stated.
Vauld would be headed by DarshanBhatija as well as Sanju Kurian both of whom are Indians. They had committed to bring richness and diversity to Vauld’s business. Both had individually served a great deal for several businesses. Sanju had remained Kings Learning’s CTO while Darshan was Business Head of TapChief.