$50 Billion Market, $60 Million Yearly Contract Revenue: Story of Vault's Leadership Through Eyes of Its Founder, Vladimir GorbunovDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
U.Today: You mentioned that you have already signed more than 40 contracts, which companies are mainly the customers of your white label product?: When we first entered the market, it seemed to us that our services would be primarily needed by crypto companies, because they traditionally experience problems with crypto-fiat solutions, just as we did in the past. But we were genuinely surprised that in practice, crypto companies make up no more than 25% of our customer base.
Now is the time when the number of neo- and digital/crypto banks will double, or even triple annually, and a huge number of players will enter this market in the future.: Our product is implemented in three main frameworks.
If last year we signed 40 contracts, this year our goal is to sign 100 new partners, launch 100 digital/crypto banks. Just three-four months ago, this goal seemed too ambitious and practically unachievable. But 2024 has arrived, and just in February, we signed nine new contracts, and in March, another 12 will be signed. So, we have a chance to even exceed this plan. This accurately reflects the demand for our services, given that the product has a relatively high average check.
We will be entering into new strategic partnerships, connecting new card issuing companies, significantly increasing the number of partners providing core banking, and we will be increasing the number of processing partnerships. And, in the future, thanks to such a number and variety of partners within Vault, we plan to become not just a"standard for banks and fintech companies" but a fully-fledged marketplace for ready-made digital/crypto banking services.