Cion Digital will use its newly raised capital towards launching its infrastructure platform and expanding its team.
Earlier this week on Tuesday, January 4, crypto infrastructure startup Cion Digital announced raising $12 million in the latest seed funding round. Cion Digital specializes in providing enterprise-grade SaaS blockchain orchestration platforms to traditional financial institutions.
As per details, 645 Ventures and Green Visor Capital co-led the investment round. Some of the other participating players were Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft, and Ulu Ventures.
Cion’s founder and CEO Snehal Fulzele said that the newly raised capital will help Cion launch a new infrastructure platform and expand its team further. By the end of this year, Cion is planning to double its headcount from 20 to 45. Furthermore, Cion Digital is also planning to open up its research and development center in Pune , India.
The Roadmap Ahead for Cion Digital
Fulzele said that as for the platform, the first version shall be launched during the first quarter of 2022. The platform will seek to help non-crypto native organizations like traditional financial institutions. Besides, it will also help other registered investment advisory firms to offer crypto services.
As part of their existing orchestration platform, the Cion Digital team is also planning to roll out new methods of crypto adoption for traditional financial services. Cion Digital co-founder also noted that its business model will consist of a fixed monthly platform fee over and above the transaction fee that scales with the number of digital assets being processed.
According to Fulzele, Cion Digital is currently piloting its platform via “half-a-dozen customers”. This includes a fintech lender and a vehicle dealer. The Fintech lender is willing to let its customers invest in digital assets. Eventually, it will also offer fiat loans against crypto. On the other hand, the vehicle dealer will enable crypto financing for millennials and generation Z. These will be customers who usually don’t qualify for traditional financing.
Cion Digital is planning to bring its services and features to a more wider and diverse pool of clients. Once the platform goes live, it will be interesting to see how Cion Digital manages to increase its market footprint. The recent funding will help Cion in driving its ambition ahead.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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