Expansion plans include setting up an R&D centre in Pune with an initial investment of INR 50 crores and hiring more than 100 engineers.
US-based SaaS blockchain orchestration platform Cion Digital, dedicated to R&D and crypto financing and payment solutions, is opening its first office in India. The expansion strategy includes setting up an R&D centre in Pune, the emerging startup hub of India. The company plans to invest INR 50 crores in this and is hiring 100 + engineers with expertise in blockchain technology.
Cion Digital’s entry into the Indian market happens at a time when the Government of India along with RBI is ready to launch a digital currency using blockchain and other supporting technology to accelerate digitalization in the country. India’s digital assets economy has been on a growth trajectory with over $6bn worth of investments.
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. Cion Digital offers a modular platform and ready-to-deploy payment and lending solutions that make incorporating digital assets into existing payment and financing systems simpler and faster.
“A recent report by crypto exchange, CrossTower, and US-India Strategic Partnership Forum (USISPF) mentions that India will hold $1.1 trillion digital asset opportunity by 2032 and is a gateway to the future decentralized world a.k.a Web 3.0. With today’s digital-savvy India willing to experiment with this emerging asset class, we are happy to be bringing our platform that will enable traditional businesses to deploy and benefit from crypto-based payments solutions previously unavailable to them,” said Snehal Fulzele, Founder and CEO of Cion Digital.
“Our core strength is to help clients access revenue opportunities by expanding and integrating their existing financial systems to succeed in the evolving digital assets economy. We offer innovation without disruption. The funds we received will be utilized to expand R&D resources and accelerate the rollout of crypto financing and payment solutions tailored for Financial Services companies (Lenders, RIA’s, Banks and Neobanks) and Retailers (Auto, RV/Marine, Jewelry and Luxury Goods).” said Arpit Agrawal, Co-Founder & Chief Engineering Officer, Cion Digital.
The company raised $12 million in seed funding in January 2022. 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 in the same.