How Cion connects legacy systems with the complex world of DeFi

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. We help clients grow and protect revenue opportunities by expanding and integrating their existing financial systems to succeed in the rapidly evolving digital asset economy.

Snehal holds a computer science graduate degree from Carnegie Mellon University (CMU). The journey from a very small town in the Vidarbha district of Maharashtra state to Pittsburgh, USA was filled with tremendous learning experiences. During his travels, he was awestruck by the inequality of wealth distribution in the world. Half of the world’s population doesn’t have access to formal banking services. Even developed western economies have significant proportions of their population underserved by their banking industry.

After gaining experience in building software at companies such as Adobe and Oracle, he co-founded a technology company in the US called Cloud Lending Solutions, whose mission was to make financial services more inclusive and accessible. They enabled progressive financial institutions around the world using their innovative software to use alternative forms of data to assess the creditworthiness of borrowers, thus bringing more borrowers to participate in formal banking services.

As blockchain-based finance solutions began to emerge, Snehal recognized the potential for this new community-driven and transparent financial system, as the next frontier to enable the inclusion of more people around the world to participate in formal financial services.

Having worked with traditional financial institutions, Snehal felt that there was a need for a technology that could easily integrate the blockchain-based finance/payment infrastructure with existing traditional financial systems. Non-blockchain savvy businesses will need the tools to embed blockchain-based lending and payments solutions in their products and services. That’s why Cion Digital was established.

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Talk to us about the Cion’s core tech and the competitive advantage in the market.

Cion Digital uses Amazon web services as its cloud platform provider and a MERN Development Stack. The world of crypto is extremely complex, evolves quickly and is simply too daunting for traditional businesses to undertake. Cion Digital’s orchestration platform and crypto payment and lending solutions make participating in the new digital asset economy easy, secure and profitable.

Cion helps clients access revenue opportunities by expanding and integrating their existing financial systems to succeed in the digital asset economy. The platform quickly and seamlessly connects institutions with the complex world of decentralized finance. Cion team’s expertise in finance and crypto helps businesses embrace digital assets with confidence and certainty. No other solution in the market has the comprehensive breadth of crypto ecosystem captured on the platform. The competitive advantage offered by Cion Digital includes:

Top minds in Fintech: Cion Digital’s team includes leaders from the financial services technology and blockchain space that have together produced many successful businesses.

State-of-the-art Lending Marketplace: We offer our customers a first of its kind crypto lending marketplace.

Worldclass Advisory Services: Through our deep understanding of the crypto world, our leadership is capable of developing new creative use cases with cryptocurrency.

Revenue Model: Cion relies on the Platform Licensing Fees plus transaction fees that vary based on the industry and transaction type (loan, payment, buy, sell, etc.).

Future of Cion Digital in India

India is becoming a global blockchain hub. The country is also embracing the digital asset revolution with the Government of India and RBI preparing to launch the digital currency using blockchain and other supporting technology to accelerate digitalization in the country. Given this opportunity landscape, Cion Digital is expanding its presence in India. Our expansion strategy includes setting up an R&D centre in Pune, the emerging startup hub of India. We plan to invest Rs 50 crores in this and are hiring 100 + engineers with expertise in blockchain technology.

What are the mid- and long- term changes you envision in the sector?

India’s adoption of cryptocurrency is second in the world despite the high tax rate on gains. Around 15 million Indians are believed to have made investments in private cryptocurrency holdings. Cryptocurrency investments in the nation increased from $923 million in April 2020 to almost $6.6 billion by May 2021, a growth of about 400% in only one year.

Over the next few years, we predict more women will join, regulations will increase, encouraging more adoption and more financial transactions will happen through decentralized protocols.