Growflint Technologies Pvt Ltd, which operates crypto investment startup Flint, on Tuesday said it has secured $5.1 million (Rs 37.3 crore) in a seed round led by Sequoia Capital India and Global Founders Capital (GFC).
The round saw participation from 11 institutional and 14 angel investors including Coinbase Ventures, Hashed, IOSG, Better Capital, Antler India and MSA Capital, along with angel investors such as Kunal Shah of Cred, Kunal Bahl and Rohit Bansal of Snapdeal, Do Kwon of Terra, among others.
Flint said it will use the fresh capital to onboard more customers and to strengthen its product portfolio. The platform also looks to allocate a portion of the fundraise to bolster legal and risk functions so as to cut the business risks.
The company claims to offer returns of as much as 13% per annum without any lock-in period. It also offers customers an opportunity to earn passive returns.
Flint further said that it only offers investing in stable cryptocurrencies like USDT, USDC that are free from price fluctuations.
The crypto startup claimed that recently it announced its early access, under which they planned to open 25,000 slots that has been signed up by over 75,000 users from across 78 countries
“We are at the tip of the iceberg and the opportunity that Web3 provides for the world is massive. As a brand, we simply intend to demystify crypto, provide easy-to-use products, and introduce a billion people to our inevitable future, ensuring Web3 becomes a part of our everyday lives,” said Anshu Agrawal, Co-Founder of Flint.
Web3 or Web 3.0 generally means the next version of the internet, where services will run on blockchain.