The company raised $12 million in seed capital to further its crypto-based financing solutions.
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Cion Digital, a developer for an enterprise SaaS blockchain orchestration platform, announced on Tuesday that it had closed out its recent seed funding round at $12 million. The round was overseen by Green Visor Capital and 645 Ventures who have since joined Cion Digital’s board of directors. Additionally, Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft and Ulu Ventures were also participants.
Following the raise, the company said that it intends to allocate these funds toward its new resource and development center in Pune, India in an effort to further expand the project’s payment infrastructure.
There, the team hopes to roll out new methods of cryptocurrency adoption for traditional financial services as a part of their current orchestration platform. Additionally, this funding will be used to push new standards in regards to interoperability.
According to Cion Digital’s co-founder Snehal Fulzele, its business model will consist of a fixed, monthly platform fee on top of a transaction fee that scales with the number of digital assets being processed.
Cion Digital said it hopes to use these expanded features to reach a wider, more diverse pool of clients. These expanded features include a fintech lending protocol, which provides an easy way for patrons to invest in crypto as well as allowing customers to take out fiat loans using crypto as collateral, and a protocol for vehicle dealing that is able to create a crypto-financing plan aimed at younger consumers.