India-based cryptocurrency startup Vauld has raised $2 million to expand the functionality of its platform and expand into Europe and the United States.
The funding round was led by Pantera Capital. The investors included Coinbase Ventures, LuneX Ventures and individuals.
In March, the Supreme Court of India overturned the Reserve Bank of India’s (RBI) ban on servicing cryptocurrency companies that had been in place since 2018. Thanks to this decision, startup Vauld has been able to significantly expand its user base in the region over the past six months.
«We see institutional capital coming into the cryptosphere. We expect banking integration to complement cryptocurrency lending offerings,» said Vauld CEO Darshan Bathija.
The company plans to create an over-the-counter (OTC) trading desk for fiat and cryptocurrency transactions, and to issue debit and credit cards in several countries. The project’s stated mission is to move all banking transactions to blockchain.
Vauld has grown 950 percent since receiving its first $500,000 investment in June, according to the company. According to Batija, this is „a clear sign that crypto banking products are valued and anticipated both in the U.S. and abroad.“
According to the roadmap, the startup intends to obtain licenses to operate in Singapore, the U.K. and the U.S. in the next two years.
Recall that Paxos raised $142 million in investment in December. The company will use the funds to create new products, including infrastructure solutions.