Cion Digital, a developer of an enterprise SaaS blockchain orchestration platform, announced Tuesday that it has completed its latest $ 12 million seed funding round. 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 increase, the company said it intends to reallocate these funds to its new resource and development center in Pune, India, to further expand the project’s payments infrastructure.
There, the team hopes to introduce new methods of introducing cryptocurrencies for traditional financial services as part of its current orchestration platform. In addition, these funds will be used to drive new standards related to interoperability.
According to Snehal Fulzele, co-founder of Cion Digital, the business model will consist of a fixed monthly platform fee in addition to a transaction fee that scales with the number of digital assets processed.
Cion Digital hopes to take advantage of these advanced features to reach a wider and more diverse customer base. These advanced features include a fintech loan protocol that gives customers an easy way to invest in crypto, as well as allowing customers to take out fiat loans with crypto as collateral, and a vehicle trade protocol that is able to take out a Create crypto finance designed for younger consumers.
