Community-led cryptocurrency platform Crypso has raised a seed funding of $3 million (Rs 23.9 crores). The investing platform plans to use the capital to increase its user base and the platform’s engagement with crypto creators, traders, and influencers.
In addition, Crypso also seeks to widen the breadth of its product offering and other technological aspects of the platform with funding. The seed funding was pooled by various prominent angel investors which include the likes of Hashed Emergent, Athera Venture Partners, Whiteboard Capital, CRED founder Kunal Shah, and Polygon founders Sandeep Nailwal and Jaynti Kanani.
Crypso works as a platform for crypto users, traders, investors, and influencers to engage with each other. Users on Crypso get an opportunity to discover and learn the latest crypto trends by engaging with the experts and influencers in the industry and invest via one-click trade signals on various altcoins generated by the crypto experts.
Founded by Suraj Kalwani, Ravi Chirania, and Rakesh Raman, this community-focused platform also provides a space for users to indulge in community discussions with their peers and learn the nitty-gritties of crypto trading. The seed funding is expected to fuel the growth that the platform has a broad scope for.
Talking about the application of their platform, Kalwani explained that Crypso is helping bridge the “discovery and transaction loop with a strong hook around guided crypto investing.” “Users can connect with peers and experts, follow their portfolio movements, and stay on top of crypto trends and investing opportunities,” he added in the statement.
Addressing the seed funding, Kalwani stated, “This seed funding coming from marquee early investors, angels, and crypto-focused investors provides us with the fuel for growth and turbocharges our belief towards building a delightful consumer app for the growing crypto user base in India.”
Athera Venture Partners, one of the investors, have previously paired up with the three founders of Crypso for their other venture called Truebil, a virtual trade market for cars. Speaking of the funding, Rutvik Doshi, managing partner, Athera Venture Partners, said, “We have been partners with Suraj and team at Truebil and have seen first-hand their ability to solve complex problem statements. Delighted to back them this time with Crypso from Day 1.”
Launched in 2022, Crypso immediately struck a chord with crypto enthusiasts. Within a month of launch, the community-first platform garnered over 50,000 users and more than 100 crypto creators, influencers, and experts. The platform, which is currently on android only, witnessed more than one crore in trade volumes within weeks of its launch in January.