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New Zealand Gov’t-Backed Institute Issues Grant to Crypto Wallet and Trading Service

New Zealand’s state-backed innovation institute Callaghan Innovation awarded a $330,000 grant to a local crypto wallet and trading service, according to a press release published Tuesday, Oct. 30.

Callaghan Innovation issued an “R&D Project Grant” to local crypto wallet and trading platform Vimba, a rebranded version of former MyCryptoSaver. Following the grant, the crypto startup is reportedly set to expand its offerings, as well as to list more cryptocurrencies and enable multi-signature crypto wallets.

R&D Project Grants are a type of co-funding for a research and development project. A Callaghan Innovation spokesperson told Cointelegraph that the grants fund up to 40 percent of a project, and that 355 such grants were approved during the last fiscal year.

The neighboring state of Australia has also awarded government grants to crypto and blockchain startups. In August, the government of the state of Queensland issued a grant to a crypto travel startup called TravebyBit as part of over $8.3 million in innovation funding. The company would purportedly boost tourism to the state by selling travel offers with cryptocurrencies.

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