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NEM Ventures invests in crypto savings platform Vimba

Tue, 05 Mar 2019, 09:10 am UTC

NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, has made its first portfolio investment in Vimba, a New Zealand-based crypto savings platform.

Formerly MyBitcoinSaver, Vimba was founded in 2014 and aims to provide investors with the opportunity to engage with crypto assets in regular, automated intervals and in smaller increments. It acts as a gateway for a large retail base to access and benefit from the crypto ecosystem. The platform allows customers to invest in increments of crypto as small as $10 up to $2000 NZD in a four-week period.

"This investment recognises the vision and value of Vimba in providing an on-ramp to fiat for the NEM community, and we are proud to be helping such a forward-thinking project scale sustainably,” Dave Hodgson, Director and Co-founder of NEM Ventures said.

“Vimba’s services are the beginning of a larger vision to build a crypto-first banking model, which could offer all the services expected of a fiat bank, encompassing earning interest on savings, collateralized debt, stable coins, and loans. We look forward to seeing what the project achieves in 2019.”

Last year, Vimba’s platform was successfully launched in the UK. According to the official release, Vimba intends to use the fresh funding to drive expansion to several more regions over the coming months, including Australia, Ireland, The Netherlands, and Germany.

“NEM is a quality, community-driven project, run by a passionate group of experts looking to improve the ecosystem and amplify the positive impacts of blockchain technology. This ethos speaks volumes to Vimba, and this collaboration will help us to expand into new regions and develop the platform further, providing a safe and trusted gateway to the new economy to everyday users, all over the world,” Sam Blackmore, Founder, and CEO of Vimba said.

With the assistance of Binance, Vimba is in the final stages of adding XEM to its platform and is planning to launch in the UK and NZ by the end of the second quarter.

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