Crypto infrastructure startup Cion Digital raises $ 12 million in seed funding

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Cion Digital, a crypto infrastructure building tools startup for traditional financial institutions, raised $ 12 million in a seed funding round.

Green Visor Capital and 645 Ventures co-led the cycle, with participation from Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft and Ulu Ventures.

Cion founder and CEO Snehal Fulzele told The Block he plans to use the capital to expand the company’s team and launch its infrastructure platform. Cion’s current squad is 20, and Fulzele plans to increase the squad to 45 by the end of this year. Cion plans to open a research and development center in Pune, India, and hire engineers.

As for the platform, its first version is expected to launch in the first quarter of this year, Fulzele said. It aims to help non-native crypto organizations, such as traditional financial institutions and registered investment advisory firms, offer crypto services.

Cion is currently piloting its platform with “half a dozen customers,” including a fintech lender and a car dealership, according to Fulzele. The fintech lender wants to allow its clients to invest in crypto and possibly offer fiat loans against crypto. The car dealership, on the other hand, wants to enable crypto financing for millennials and Gen Zs who are generally not eligible for traditional financing, Fulzele said.

As for its business model, Cion will charge a fixed monthly platform fee and transaction fee based on the volume of digital assets processed (bought, sold, received, sent) by the platform, Fulzele said.

The round table is the first fundraising for Cion and a round table. Major investors Green Visor Capital and 645 Ventures have also joined Cion’s board of directors.

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