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Vauld Raises $2 Million to Become a Crypto Bank

Singapore-based Vauld, a crypto lending and borrowing platform, has raised $2 million in a fresh funding round with a bigger aim to become a full-fledged crypto bank.

The funding round was led by Pantera Capital with participation from Coinbase Ventures, LuneX Ventures and well-known angel investors like Robert Leshner of Compound Finance.

Vauld’s operations are currently confined within the Indian sub-continent. But, its CEO, Darshan Bathija, now wants to expand the company’s business to Europe and the United States.

“We see institutional capital come into the crypto space with the expectation of banking integrations to complement crypto credit offerings,” Bathija said in a statement.

Previously known as Bank of Hodlers, the startup is planning to gain licenses from Singapore and the United Kingdom in the next 24 months. Additionally, Bathija is considering to approach the crypto-friendly regulators of Wyoming for a license.

Many New Services in the Pipeline

Vauld has plans to introduce new services like an over-the-counter (OTC) desk and trading services in the short run. Moreover, it wants to offer crypto credit cards in multiple countries.

Meanwhile, many established cryptocurrency service providing companies are moving towards banking services. Most recently, Paxos and BitPay applied for a federal banking charter in the US that will allow them to bypass the state regulators.

Other prominent companies like Kraken Financial and Avanti Financial gained licenses from Wyoming for their ambitions of becoming a crypto bank.

“Vauld’s vision to make cryptocurrencies the preferred instrument of banking by making it simple to use and interoperable with the current banking infrastructure is what we are excited about,” Pantera Capital’s Partner, Paul Veradittakit, said.

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