Posted by Pune, India: Cion Digital plans to set up an R&D centre in Pune with a Rs 50 crore initial investment. The US-based SaaS blockchain startup is hiring 100 plus engineers with expertise in blockchain technology and is opening its first office in India.
Cion Digital’s entry into the Indian market happens at an opportune time when the Indian government along with RBI is ready to launch a digital currency using blockchain and other technologies to push digitalization. India’s digital assets economy has been on a growth trajectory with over $6 billion worth of investments.
“A recent report by crypto exchange, CrossTower, and US-India Strategic Partnership Forum (USISPF) mention that India will hold $1.1 trillion digital asset opportunity by 2032 and is a gateway to the future decentralized world a.k.a Web 3.0,” said Snehal Fulzele, Founder and CEO – Cion Digital.
“With today’s digital-savvy India willing to experiment with this emerging asset class, we are happy to be bringing our platform that will enable traditional businesses to deploy and benefit from crypto-based payments solutions previously unavailable to them,” added Fulzele.
“Our core strength is to help clients access revenue opportunities by expanding and integrating their existing financial systems to succeed in the evolving digital assets economy. We offer innovation without disruption,” said Arpit Agrawal, Co-Founder and Chief Engineering Officer, Cion Digital.
“The funds we received will be utilized to expand R&D resources and accelerate the rollout of crypto financing and payment solutions tailored for Financial Services companies (Lenders, RIA’s, Banks and Neobanks) and Retailers (Auto, RV/Marine, Jewelry and Luxury Goods),” added Agrawal.
The SaaS blockchain startup raised $12 million in seed funding in January 2022. The round was led by Green Visor Capital and 645 Ventures. Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft and Ulu Ventures also participated in the same.
Cion Digital’s proprietary blockchain orchestration platform allows institutions to build innovative finance solutions quickly, and to seamlessly connect their legacy systems with the complex and ever-changing world of decentralized finance.