Community-led cryptocurrency trading platform Crypso has raised $3 million (about INR 24 crore) in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital and Whiteboard Capital.
Prominent angel investors including Polygon founders Sandeep Nailwal and Jaynti Kanani and Cred founder Kunal Shah also participated in the round.
The company will use the fresh capital to grow its user base and expand the breadth of its product and technology offerings.
Founded by Truebil founders Suraj Kalwani, Ravi Chirania and Rakesh Raman, Crypso allows cryptocurrency users to learn and discover the latest crypto trends and invest through trading signals on various altcoins generated by crypto experts.
As a social trading application, it solves for underserved community behaviour. Users can see the portfolio and trading strategies of their peers and influencers, join community group chats around areas of their interest, share their portfolio with communities for feedback and execute trades based on social signals.
Crypso claims to have 50,000 registered users on the platform and it aims to hit one million active users in the next 8-12 months. This is the second entrepreneurial gig for the founders of Crypso who sold out their previous startup Truebill to Tiger Global-backed Spinny for an undisclosed amount.
Suraj Kalwani, Founder of Crypso, said, “The market is bearish and it’s a great time to build. Our goal is to create a behaviour where people don’t come to Crypso just to invest, but because they want to know where to invest and if we can crack it. We think this is a huge business opportunity for consumers.”
Kalwani further said, “Given the company’s low burn rate and lean team, the company would be able to handle the current downturn in the cryptocurrency market”.
Apart from the bear market, cryptocurrency trading platforms in India have seen a sharp drop in trading volume due to the new tax regime.