Blockchain SaaS startup Cion Digital raises $12 mn from Green Visor, others

The US-based firm is planning an R&D Centre in Pune. It is undertaking a pan-India recruitment drive with offer of permanent WFH

SaaS-based blockchain platform Cion Digital has closed a $12 million seed funding round. The US-based company is planning an R&D Centre to be based out of Pune. It is amid a recruitment drive throughout India to add to the firm’s team of talented engineers -- all of whom will be afforded the permanent ability to work-from-home.

The capital will be utilised to expand R&D resources and accelerate the rollout of crypto financing and payment solutions tailored for financial services companies, big retailers other industries.

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.

While cryptocurrency adoption is increasingly becoming mainstream, traditional businesses and financial institutions reliant on legacy technology infrastructure still face significant challenges in adapting to the complexities of this fast-changing digital asset sector.

“Established businesses are struggling to understand crypto and decide when and how to embrace it. It’s a significant challenge to quickly and effectively embed crypto in their legacy products and services”, said Fred Brothers, Co-Founder and President of Cion Digital.

“Without Cion Digital’s Blockchain Orchestration Platform, existing businesses can take months or years - and spend significant up-front investment to gain knowledge, acquire resources, and begin delivering crypto solutions,” he added.