Cion Digital, the developers of the first enterprise SaaS blockchain orchestration platform, has closed a US$12 million seed capital raise.
The money will be utilised to expand research and development resources and accelerate the rollout of crypto financing and payment solutions tailored for financial services companies to expand the capabilities of the firm’s proprietary Blockchain Orchestration Platform for 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.
Cion Digital’s integrated suite of applications and services provides companies with rapid access to all the connectivity, infrastructure and support needed to rapidly deploy blockchain-based real-time payments and financing.
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 the fast-changing digital asset sector, says Cion Digital.
Cion Digital’s SaaS blockchain platform is designed to simplify custody, liquidity, settlement, compliance and off-chain optimisation challenges with the ability to evolve their traditional finance offerings — all the while minimising development costs, infrastructure complexity and time to market.
Cion Digital is currently working with leading fintech companies across North America, Europe and Australia to deliver crypto financing and payment solutions, and to expand its offering to deliver DeFi-as-a-service to various traditional industry verticals such as payroll processors.
Commenting on the investment, Snehal Fulzele, founder and CEO of Cion Digital, says: “It has always been a passion of mine to be able to make financial services more inclusive. Connecting traditional business to blockchain technology allows us to do this by creating a way for people with assets held outside of traditional banking relationships to grow their portfolios and borrow against those assets when they otherwise would be unable to.”
Simon Yoo, founder and managing partner of Green Visor Capital, comments: "We are excited to partner with this uniquely qualified team on their mission to help businesses grow by being able to seamlessly connect to the evolving digital asset economy.”
