Community-led crypto investing platform, Crypso has raised $3 million (around Rs 24 crore) from Hashed Emergent, Athera Venture Partners (formerly Inventus), Better Capital and Whiteboard Capital
The round also saw participation from Polygon founders Sandeep Nailwal and Jaynti Kanani, Cred’s founder Kunal Shah and other angel investors.
Crypso is a community-focused platform that enables crypto users to learn and discover the latest trends and invest altcoins generated by crypto experts. The company focuses on millennial and GenZ users. Since its launch, the android app has accumulated over 50,000 users.
Founded earlier this year by Ravi Chiraniam, Suraj Kalwani, Ravi Chirania, and Rakesh Raman, Crypso, operated by Together Innovation Labs Pte Ltd, will use the fresh funding to grow its user base and increase product offerings and technology.
“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. Users can connect with peers and experts, follow their portfolio movements, and stay on top of crypto trends and investing opportunities,” said Kalwani, co-founder and chief executive officer, Crypso.
Notably, the founders Chiraniam, Kalwani, Chirania, and Raman also founded used-car platform Truebil.com, which was later acquired by Spinny in 2020.
The current bear market with uncertainty around government regulations and new taxes on cryptocurrencies in India have affected trading volumes in domestic crypto exchanges.
According to data from Credit Rating for Exchanges Blockchains and Coin Offerings (CREBACO), a crypto research firm, daily trading volumes on WazirX and CoinDCX, two of the top crypto exchanges in India, fell by 82% and 90%, respectively, as of June end.
The overall market capitalization of the crypto market has remained above the psychologically crucial level of $1 trillion (as of July), but may not sustain if the rout in these digital assets intensifies.
According to data by digital asset data provider, CryptoCompare, spot trading volume across all centralized crypto exchanges globally, slumped nearly 28% month-on-month to $1.41 trillion, the lowest on record since December 2020.
