Cryptocurrency lending platform Vauld raised $2 million to increase into full banking companies, together with issuing credit score and debit playing cards and offering fiat and crypto order books, CoinDesk reported.
The funding spherical was led by Pantera Capital and included Coinbase Ventures and LuneX Ventures. The Singapore-based platform has an energetic presence in India and goals to maneuver into Europe and the U.S.
“We see institutional capital come into the crypto area with the expectation of banking integrations to enrich crypto credit score choices,” CEO Darshan Bathija mentioned in a press release, in response to CoinDesk.
In different information, the U.S. Securities and Exchange Commission (SEC) filed an emergency asset freeze towards Virgil Capital and its affiliated corporations after charging the agency and its CEO, Stefan Qin, with fraud associated to Virgil Sigma Fund LP, the corporate’s cryptocurrency buying and selling fund, in response to a press release.
The SEC claimed that Qin and the corporate have been deceptive traders since 2018 over Sigma Fund’s monetary situation, property and technique. Qin and the corporate allegedly spent funding cash on private bills and different “undisclosed high-risk investments.”
“This emergency motion is a crucial step to guard investor property and forestall additional hurt,” mentioned Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, within the launch. “Qin allegedly made false guarantees to lure traders after which continued his deception to hide his misuse of investor funds.”
The SEC additional claimed that Qin and Virgil Capital informed traders they might switch their pursuits to the VQR Multistrategy Fund LP, which can also be owned by Qin however managed individually. However in response to the SEC, no funds have been transferred.
The SEC filed its grievance towards Qin and Virgil Capital within the Southern District of New York on Dec. 22, additionally charging VQR Companions, Virgil Applied sciences, Montgomery Applied sciences and Virgil Quantitative Analysis.
In the meantime, monetary companies agency SBI Holdings responded to an SEC lawsuit towards Ripple on Monday (Dec. 28), claiming that XRP is a “cryptocurrency asset,” not a safety, CoinDesk reported, citing the corporate’s press launch.
The SEC filed suit towards Ripple for promoting the XRP cryptocurrency with out registering it as a safety within the U.S. Nonetheless, SBI Holdings, which runs SBI Ripple Asia in partnership with Ripple, mentioned in its assertion that Ripple is just not a safety in Japanese regulation.