Cion Digital, a developer for an enterprise SaaS blockchain orchestration platform, has raised its recent seed funding round at $12 million.
It has been reported that the round was overseen by Green Visor Capital and 645 Ventures who have since joined Cion Digital’s board of directors. Additionally, Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft, and Ulu Ventures were also participants.
However, after the raise, the company said that it intends to allocate these funds toward its new resource and development center in Pune, India in an effort to further expand the project’s payment infrastructure.
The report said that the team hopes to roll out new methods of cryptocurrency adoption for traditional financial services as a part of their current orchestration platform. Additionally, this funding will be used to push new standards in regard to interoperability.
Snehal Fulzele, the co-founder of Cion Digital, said that its business model will consist of a fixed, monthly platform fee on top of a transaction fee that scales with the number of digital assets being processed.
Thus, Cion Digital said it hopes to use these expanded features to reach a wider, more diverse pool of clients. These expanded features include a fintech lending protocol, which provides an easy way for patrons to invest in crypto as well as allowing customers to take out fiat loans using crypto as collateral, and a protocol for vehicle dealing that is able to create a crypto-financing plan aimed at younger consumers.