New Zealand State Institute Gives Grant to Crypto Wallet

New Zealand state-backed innovation institute Callaghan Innovation gives a $330,000 grant to a local cryptocurrency wallet and trading service firm.

31 October 2018 – New Zealand’s government-backed innovation institute Callaghan Innovation has issued a $330,000 grant to a local cryptocurrency wallet and trading service. 

New Zealand “R&D Project Grant”

The official press release notes that the Callaghan Innovation issued an “R&D Project Grant” to the local crypto wallet and trading platform Vimba. The latter is a rebranded version of MyCryptoSaver. After the grant, the cryptocurrency firm is expected to increase its offerings and to list more cryptocurrencies and allow for the multi-signature crypto wallets. 

R&D Project Grants are a type of co-funding that is aimed for research and development projects. A Callaghan Innovation stated that the grants fund up to 40 percent of a project. 335 such grants were approved during the 2017 fiscal year. 

Vimba, formerly MyBitcoinSaver, is an Auckland-located platform that offers New Zealanders limited weekly investment in major cryptocurrencies such as Bitcoin and Ethereum. Since its launch, Vimba has seen two investment rounds. The crypto company is reportedly planning to launch services in the UK in the near future. 

The CEO of Vimba, Sam Blackmore, stated that firm’s clientele has been “very stable” in spite of the bearish market this year. He also noted that he believes that Bitcoin will “at least reach the market cap of gold,” due to the fact that it is a “more efficient, more accessible, more secure version of that rare asset.”

Australian Crypto Supporting Initiatives

The neighboring state, Australia, has also been quite active in terms of supporting crypto industry. The state of Queensland issued a grant to a cryptocurrency travel startup called TravelbyBit earlier this August. The company aimed to boost tourism to the state by selling travel offers with cryptocurrencies. 

AtoZ Markets reported that the official statement from officials highlights that the TravelbyBit digital currency payments platform for the travel and tourism industry will receive a part of Advance Queensland Ignite Ideas funding. Additionally, the same funding will be granted to 70 other companies that receive support for the development of their businesses in Queensland. 

In July, the Queensland Cane Growers Organizations received a $1.7 million government grant to execute Blockchain technology project for tracking the origin of sugar supplies. 

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