Crypso Raises $3 Mn Funding For Its Community Led Crypto Investing Platform

Cryptocurrency startup Crypso has raised $3 Mn in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital and Whiteboard Capital. Angel investors including Polygon founders Sandeep Nailwal and Jaynti Kanani, CRED’s Kunal Shah also participated in the round.

With the fresh funding, the startup wants to grow its user base, widen product offerings and enhance technology, the startup said in a statement.

Crypso is a community-led crypto investing platform which offers a socially connected experience to users. The users can discover and learn market trends by following crypto influencers and experts and join community discussions with their peers as well. It aims to provide a guided and community-first access to retail users in the crypto markets.

Truebil.com founders Suraj Kalwani, Ravi Chirania, and Rakesh Raman have started Crypso earlier this year. The platform focuses on millennials and GenZ users.

The Android only platform has claimed to onboard more than 50,000 active users and over 100 crypto influencers, creators, and experts. It also claims to have witnessed more than INR 1 Cr in trade volumes within a couple of weeks after the launch.

“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. With Crypso, we’re bridging the discovery and transaction loop with a strong hook around guided crypto investing,” Suraj Kalwani, cofounder and CEO of Crypso, said.

The funding comes at a time when experts are saying the crypto industry is headed to another winter after 2018. Moreover, crypto startups in India are facing regulatory uncertainty as well.

During the ongoing Monsoon Session of Parliament, Union Finance Minister Nirmala Sitharaman revealed that the Reserve Bank of India wanted cryptocurrencies to be banned in India. The central bank has always maintained a critical stance on crypto.

In addition, the Internet and Mobile Association of India (IAMAI) dismantled the Blockchain and Crypto Assets Council (BACC) as the disagreement between the association and crypto founders grew over the past few months.