- Crypso has raised $3 million in seed funding.
- Launched in 2022, the platform already has 50000 active users.
- The platform lets you engage with your friends on crypto trends and aims to simplify crypto trading.
Indian community-led investing platform for cryptocurrencies, Crypso announced on Tuesday that it has raised $3 million in seed funding from Hashed Emergent, Athera Venture Partners (formerly Inventus), Better Capital, Whiteboard Capital, Polygon founders Sandeep and Jaynti, Kunal Shah of CRED, and other prominent angel investors.
This investment in Crypso comes amid a crash in the value of cryptocurrencies. The crypto market has seen over $2 trillion in value wiped off since January 2021, with Indian crypto exchanges witnessing a corresponding drop in trade volumes.
Crypso will use the fresh round of funding to grow its user base and increase the breadth of product offerings and technology, it said.
“We like the fact that they are building for the young Indian users who will potentially be the early ones to adopt Crypto in India as we have seen across the globe,” said Tak Lee, CEO and managing partner of Hashed Emergent.
According to Chainalaysis report 2021, India has the second highest number of crypto users in the world. Crypso has registered over 50,000 users within one month of the application going live on Android. This is despite the fall in trading volumes on Indian crypto exchanges after new tax laws came into force in July 2022.
Launched in January 2022 by Suraj Kalwani, Ravi Chirania, and Rakesh Raman, Crypso is a community-focused platform that enables crypto users to learn and discover the latest crypto trends and invest via one-click trade signals on various altcoins generated by crypto experts.
“Crypto is fundamentally a social asset class and young Indian users actively engage with peers, influencers, and investment communities for crypto updates, analysis, and investment signals. We are providing a one-stop-shop for all crypto analysis needs,” said Co-founder and CEO Kalwani.