Backed by fund led by Peter Thiel, crypto co Vauld predicts global push

[ad_1]

Payal Ganguly Jul 30, 2021

Singapore-based crypto platform Vauld is looking to expand its international presence, increase recruitment and licensing to continue offering banking services and crypto investments on its platform.

On Thursday, the company announced it had raised $ 25 million (approximately Rs 186 crore) in a Series A funding round led by Peter Thiel, backed by early stage tech venture capital firm, Valar Ventures.

The cycle also saw the participation of Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, Cadenza Capital, among others. This brings the total capital raised by Vauld so far to $ 27 million.

Founded in 2018 by Darshan Bathija and Sanju Sony Kurian, Vauld currently counts Binance and BitGo as trading and custody partners.

The Vauld platform allows individuals to buy, borrow, lend and trade 30 cryptocurrencies. Much of the company’s operations take place in India, CEO Bathija said in a statement.

“We’ve seen a big boost with Vauld and we attribute it to both our technology and our customer support – that’s our strength and it’s proven because when customers start using Vauld, they don’t leave. not, “Bathija said in the statement. .

The company saw its assets under management (AUM) increase by 124% quarter-on-quarter from the first to second quarters of 2021.

“What cemented the deal was Vauld’s global positioning and ambitions and the vision Darshan and his team have for building their clients’ wealth through crypto. We look forward to Vauld benefiting from the expertise of our team to understand how to build a global business in emerging technology hubs in Europe, Asia and North America, ”said Andrew McCormack of Valar Ventures in the release.

The announcement comes at a time when cryptocurrency trading in India is under close scrutiny by the government. In June, the app’s management sent a show cause notice to cryptocurrency exchange WazirX for FEMA violations to the tune of $ 382 million.

[ad_2]