The additional funding will be used by Crypso to expand its user base, product offerings, and technological capabilities.
Crypso, a platform for community-driven cryptocurrency trading, has received $3 million (roughly Rs 24 crore) in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital, and Whiteboard Capital.
Renowned angel investors, such as Cred founder Kunal Shah and Polygon founders Sandeep Nailwal and Jayanti Kanani, took part in the round.
Suraj Kalwani, Ravi Chirania, and Rakesh Raman, the co-founders of Truebil, created Crypso earlier this year to help crypto currency users learn about the newest trends in the industry and invest using trade signals for a variety of altcoins that are generated by industry professionals.
The business will use the additional funding to expand its user base, product offerings, and technological capabilities.
According to Kalwani, the company would be able to weather the current crypto market downturn given its low burn rate and a small team.
In India, crypto trading platforms have experienced a sharp decline in trading volume due to a new tax structure in addition to a bear market.
Crypso has 50,000 users who have signed up. In the upcoming 8 to 12 months, it intends to reach one million active users.
“Building is in great demand right now because the market is bearish. Our goal is to influence people’s behavior so that they visit Crypso not just to invest but also to learn where to invest. If we are successful in doing this, we believe there will be a significant increase in the consumer business, according to Kalwani.
