US blockchain company Cion Digital is opening its first office in India, the company said, bringing its enterprise software-as-a-service (SaaS) orchestration platform to a new market.
The expansion strategy includes setting up a research and development centre in Pune, an Indian technology hub.
The company said it would invest 500 million rupees ($6.6 million) in the centre and hire more than 100 engineers with expertise in blockchain technology. Cion specialises in crypto financing and payments technology.
Cion Digital said its entry into the Indian market was “opportune” as the government and central bank prepared to launch a digital currency using blockchain and other supporting technology to accelerate digitalisation in the country.
“India will hold a $1.1 trillion digital asset opportunity by 2032 and is a gateway to the future decentralised world of Web 3.0,” Snehal Fulzele, founder and CEO of Cion Digital, said.
He said Cion Digital enables established businesses, financial institutions, and retailers to access the digital asset economy without developing new systems, hiring more development resources or putting their existing business at risk.
“We offer a modular platform and ready-to-deploy payment and lending solutions that make incorporating digital assets into existing payment and financing systems simpler and faster,” he said.
Cion raised $12 million in seed funding in January 2022 led by Green Visor Capital and 645 Ventures.
Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft and Ulu Ventures also participated.
- George Russell