Kassio Raises Pre-Seed Funding Worth $ 1.6 Million
The freshly raised round will accelerate the execution of the product and plans in the pipeline.
Kassio, on Wednesday announced to have raised $1.6 million in pre-seed funding round. Kassio has raised the investment from two major European investment funds, and Aalto Capital, which has led the round. Funds will be utilized to launch its operation in the Indian and European markets, further strengthening its product development process and adding more talent to the senior management across its legal, compliance, institutional relationships, and design functions.
"This successful pre-seed funding round is a testimony to the strength of our project Kassio, its roadmap, offerings, and the innovation that brings together crypto investment and much-required crypto utility features," said Sachin Singh, CEO and co-founder, Kassio
According to a report from Chainalysis, the Indian crypto market has grown 641% from July 2020 to June 2021, helping India become one of the fastest growing cryptocurrency markets in the world.
"While crypto is the next biggest equalizer after the internet revolution, Kassio, with its strong offerings, is a project that changes the whole dynamics of the community. I am confident that Kassio will be instrumental in providing quality crypto offerings to end-users and bring about the change that the world has been waiting for in this ecosystem," said Shayan Khan, partner, Aalto Capital.
Kassio is a comprehensive crypto platform that offers options where a user can stick to the earn feature if the trading feels risky and earn up to 13 per cent profits simply by converting funds into a stable coin pegged to the US Dollar. Kassio also offers a unique crypto card that enables users to utilize their crypto in daily life. The platform consists of an international team. It was founded in October 2020 by Sachin Singh, Anuj Yadav, and Bharat Vivek, who have substantial experience in product development and blockchain technology. While the product is set to exit private beta in mid-April in India and mid-May in the EU, the platform already has an Digital Assets under Management worth $16 million and a loan playbook of $9 million. The freshly raised round will accelerate the execution of the product and plans in the pipeline.