New Zealand is known as a crypto-friendly country. The nation highlighted its stance once more with the government’s recent $300,000 investment into a local cryptocurrency platform.

NZ’s Vimba Investment

New Zealand’s government recently awarded a $330,000 grant to the cryptocurrency savings and trading platform Vimba, according to an NZ Adviser report. The investment was done via the government’s investment arm Callaghan Innovation.

In a press release published by Scoop Business, Vimba explained that the funding would be used to improve the security of its crypto wallets. In addition, the company also revealed plans for increasing the number of cryptocurrencies available to its customers.

Vimba CEO Sam Blackmore said:

“The money will go towards new key features for our expanding service. We will use it to build secure multi-signature crypto wallets for our users and we’re also looking into expanding the range of cryptocurrencies available to them — beyond Bitcoin and Ethereum.”

Before its rebranding, Vimba was previously named MyBitcoinSaver and was established in 2014. The platform initially offered a service where clients can invest in small weekly amounts in Bitcoin.

Faith In Crypto’s Future

Vimba said that the significance of the New Zealand government’s investment into the firm goes beyond meeting the funding needs of the platform’s expansion projects. According to the company, it is actually a show of faith for the crypto industry’s future.

Vimba CEO Sam Blackmore said in a statement that:

“This is a truly significant investment from Callaghan Innovation and a real show of faith in the future of this very exciting asset class.”

Demand for Vimba’s service remained stable despite the bearish crypto sentiment this year. The company believes that its user base has a long-term view when it comes to investing in digital currencies. Since its establishment in 2014, Vimba steadily attracted new clients, and the platform now has more than 5,000 users.

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