Crypto lending platform, Vauld secured $2M to Grow Into a Full Crypto Bank

Vauld, a Singapore based crypto lending platform has now secured $2 million in funding, reports Coindesk.

Vauld was set up by the Sanju Sony Kurian and Darshan Bathija. The platform allows the users to lend various cryptocurrencies and earn interest on them.

CEO of Vauld, Darshan Bathija, said, "We see institutional capital come into the crypto space with the expectation of banking integrations to complement crypto credit offerings".

Paul Veradittakit, a partner at Pantera Capital, said, "Vauld’s vision to make cryptocurrencies the preferred instrument of banking by making it simple to use and interoperable with the current banking infrastructure."

The funding round was backed by Coinbase Ventures, LuneX Ventures, CMT Digital, Pantera Capital, Better Capital, New Form Capital, Gumi Cryptos Capital, and others.

The company has plans to use the new funds to hire new talent and expand from being an Indian-based crypto platform to a holistic DeFi platform which now also includes payment, trading, and credit.

The funding which Vauld secured earlier this year was backed by LuneX Ventures which has to make Vauld grow 10x since then. The company this time expects to see more growth in the market as cryptocurrencies continue to gain popularity.