NEM Foundation’s Venture Capital Wing Invests In Vimba, A “Cryptocurrency Bank”
NEM Ventures announced its first-ever portfolio company investment – in Vimba. The report on NEM Forum states the partnership between the two companies is set to improve the adoption rates of cryptocurrency across the world, introduce a stronger fiat to crypto banking system and offer exceptional services in savings, collateralized debt, and capital investments.
The portfolio company, Vimba, is a cryptocurrency- focused company that allows users to make their monthly savings in fiat and automatically converts the cash to crypto which is then delivered in your digital wallet. The platform also allows the instant buying and selling of cryptocurrencies via ad-hoc bank transfer of FIAT into crypto using integration with banking networks and crypto exchanges.
The CEO and founder of Vimba, Sam Blackmore, was ecstatic with the latest partnership stating the two companies share values and goals which will be crucial in making the project work. He added,
“NEM is a quality community-driven project, run by the people for the people, which aligns with the ethos at Vimba. The investment is going to enable Vimba to grow into new regions, develop the platform further, providing a safe and trusted gateway to the new economy.”
Dave Hodgson, the director, and co-founder of NEM Ventures praised their latest investment in Vimba and the company’s vision to be a gateway in the fiat crypto banking system.
Vimba is focused on providing a fiat-like bank for crypto in a bid to boost adoption in cryptocurrency transactions. The UK based company has already broken international borders as it opened quarters in New Zealand and looks forward to adding more countries to the list in the near future. Vimba is a work of two key components; first is the backing from the New Zealand government and secondly the seed investment and capital market guidance from Techemy Capital.
NEM Ventures put in a US $500,000 convertible note, with the funds expected to be released in two parts in the coming 6 months. This will protect the investors’ funds and allow the company to scale efficiently over the period and in subsequent rounds. Vimba is currently working on adding XEM (native NEM token) to the existing BTC and ETH as they will hold 10% of the funds in XEM in their Treasury.