Callaghan Innovation is the state-backed innovation institute of New Zealand. They have decided to award a $330,000 grant to a crypto wallet and trading service called Vimba, which was formerly named MyCryptoSaver. A press release announced the issuance of the grant money on October 30th via Scoop of New Zealand.
The R&D Project Grant will allow the cryptocurrency startup to expand the benefits that they provide, while adding more cryptocurrencies on their listings and enabling multi-signature protection on their crypto wallets as well. This type of grant is meant to be used as co-funding for research and development, supporting up to 40% of any given project. In the last fiscal year alone, the company has issued 355 grants of this kind.
Vimba provides the ability to partake in limited weekly investments involving Bitcoin and Ethereum. Since the platform began, they have endured two separate investment rounds and plans to officially launch their services to the public in the UK within the next few weeks.
CEO Sam Blackmore has called the client base of Vimba “very stable,” even with the struggle of the bearish market this year. He also commented that the company believes in Bitcoin’s ability to, at minimum, “reach the market cap of gold,” based on their history as being a “more efficient, more accessible, more secure version of that rare asset.”
Australia has also been awarding government-backed grants to multiple startups involving cryptocurrency and blockchain technology. In Queensland in August, TraveByBit received $8.3 million for innovation funding involving their crypto travel efforts. Allegedly, this company would help to improve tourism in the area by providing crypto-based travel offers. A month earlier, a $1.7 million grant was given to the Queensland Cane Growers Organization to use blockchain technology as the company send sugar supplies across borders.