Defy raises $5.5 million to build India's first social crypto exchange

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Fintech startup Defy on Thursday said it has raised $5.5 million (around Rs 40.79 crore) in a funding round to build India's first social crypto exchange.

Defy, founded by entrepreneurs Bhagaban Behera, Sriharsha Setty and Nakul Kelkar, has received Seed funding worth $5.5 million.

The fundraise was backed by Y Combinator, Goat VC, JAM Fund and Goodwater Capital.

Others participating in this round include Gemba, Night Ventures, GMO Venture Partners, Olive Tree Capital in addition to an existing investor, Better Capital, a statement said.

Defy aims to disrupt the cryptocurrency space with a social and community-based approach.

The platform, available for Android users on Google Playstore, aims to build a social platform around crypto to make the subject considerably less intimidating. It allows users to create their profiles and share their portfolios with friends and followers.

"Defy is a coming-of-age fintech startup that aims at disrupting the cryptocurrency space in India. Our platform puts the user's needs at the heart of the conversation," Bhagaban Behera, co-founder & CEO, said.

Users can use this social channel to interact and follow experts for investment strategies while also keeping track of their friends' portfolios. Additionally, Defy aims to educate users with gamified content and social conversations around Crypto.