Lending platform Vauld is growing into a full crypto bank

Lending platform Vauld is growing into a full crypto bank

Lending platform Vauld has recently raised $2 million, attempting to grow into a full crypto bank. Pantera Capital is the main investor, with others include LuneX Ventures, Coinbase Ventures, and several individual investors. Robert Leshner of Compound Finance is among them.

 

The firms often seek their own banking charters when they want to operate as crypto-native banks. For example, crypto payments firm BitPay and stablecoin issuer and crypto services firm Paxos filed to become federally regulated banks in the United States.

 

Vauld has managed to establish a foothold in India. Earlier this year, a favourable ruling from the courts has unleashed a flood of crypto activity in the country. Vauld co-founder and CTO Sanju Sony Kurian stated that in the Indian market, hiring is the focus of the hour.

 

The rebranded company, formerly known as Bank of Hodlers, plans to use the funds to expand from lending and borrowing and become a holistic banking platform. It will also include payments and trading. Vauld wants to broaden its presence in Europe and the United States as well.

 

According to CEO Darshan Bathija, institutional capital came into the crypto space with the expectation of banking integrations, complementing crypto credit offerings.

 

The company aims to implement an over-the-counter (OTC) desk, debit and credit cards, and fiat and crypto order books for multiple countries. In case of success, users will be able to do all their banking on a blockchain.

 

Vauld plans to go international in the near future

 

Vauld wants to expand licensing across international crypto hubs, among them Singapore and the U.K. in the next two years. Bathija noted that his company is looking at Wyoming as well, following the precedent of Avanti Financial and Kraken Financial.

 

The Wyoming State Banking Board granted Kraken and Avanti official status as chartered banks in the state. Vauld believes there is a higher demand for banking functionalities for crypto assets.

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