Asset backed cryptocurrency exchanged Vaultbank has announced that it has raised over $3 million in funding, reaching the soft cap for its VB token sale. VB tokens are currently being distributed to Vaultbank token sale backers.
The company also announced the launch of the Vaultbank Fund, which provides the main asset-backing of each VB token and intends to pay quarterly dividends in Ethereum (ETH). Of the $3 million raised in the VB token sale, $1.3 million has been allocated to the Vaultbank Fund, providing the main yields to be used for potential dividends which are expected to be distributed at the end of Q2 2018.
Christopher Cummock, Co-Founder and Chief Compliance Officer of Vaultbank stated:
At Vaultbank, we’re building a suite of financial services to support the evolution of cryptocurrency trading and investing, and the Vaultbank Fund is a major feature of this effort. We are pleased by the support from our backers in the VB token sale, and look forward to continuing to build out our platform and fund offerings.
Part of a group of companies incorporated in Singapore as Vaultbanc Plc and headquartered in San Francisco, Vaultbank is a global investment firm that provides a comprehensive suite of financial solutions including a secured asset fund, its proprietary Vaultbank Exchange, and traditional investments securities that include Mutual Funds and Hedge Funds. The Vaultbank Exchange will offer a fully securities-compliant platform supporting KYC, AML, FATCA, and Accreditation.
Vaultbank has also partnered with Gordian Compliance Solutions, LLC, a compliance consulting firm, headquartered in San Francisco, CA. Vaultbank and Gordian Compliance Solutions are in the process of registering with the SEC as an Alternative Trading System (ATS) and with FINRA as a registered broker-dealer for the issuance of security tokens and the trading of security and utility tokens on the Vaultbank Exchange.
Built on the Stellar platform, the company stated that its Vaultbank Exchange offers lightning-fast transaction times at a fraction of the cost of other exchanges. While many exchanges have come under scrutiny for providing insufficient security protocols, Vaultbank said that it has been engineered to provide enhanced security via compulsory triple-factor authentication. Vaultbank further mitigates security risks inherent in other centralised exchanges by providing traders total control over their private keys.
Vaultbank board of directors includes former BlackRock CIO Ken Kroner, former Third Point Capital partner Keri Findley, former MasterCard Head of Digital Commerce (MEA) Aaron Oliver, Gyft co-founder CJ MacDonald, and former Bank of America Managing Director Mike Gay.