The company secured USD 12 million in seed capital to boost its cryptocurrency-based financing solutions.
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Digital, a developer of a blockchain-based SaaS orchestration platform for enterprises, announced on January 4 that it had closed its most recent seed funding round with $12 million. The round was overseen by Green Visor Capital and 645 Ventures, who have since joined Cion Digital’s board of directors. Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft and Ulu Ventures also participated.
Following the collection, the company said that intends to allocate the capital to its new resource and development center in pune, India, in an effort to further expand the payment infrastructure of the project.
There, the team hopes to roll out new cryptocurrency adoption methods for traditional financial services as part of its current orchestration platform. In addition, this funding will be used to promote new interoperability standards.
According to the co-founder of Cion Digital, Snehal Fulzele, Your business model will consist of a flat monthly fee for the platform, plus a transaction fee that increases based on the number of digital assets being processed.
Cion Digital said it hopes to use these Expanded features to reach a larger and more diverse customer group. These expanded features include a FinTech lending protocol, which provides an easy way for customers to invest in cryptocurrencies, as well as allowing clients take fiat loans using cryptocurrencies as collateral, and a vehicle trading protocol that is capable of creating a crypto-financing plan aimed at younger consumers.
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