Crypso, a platform for community-led crypto trading, has raised $3 million (about Rs 24 crore) in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital, and Whiteboard Capital.
Prominent angel investors, such as Cred founder Kunal Shah and Polygon founders Sandeep Nailwal and Jaynti Kanani, took part in the round.
Suraj Kalwani, Ravi Chirania, and Rakesh Raman, the co-founders of Truebil, founded Crypso earlier this year to enable cryptocurrency users to learn about the newest trends in the industry and invest using trade signals for a variety of altcoins that industry professionals provide.
The company will use the fresh capital to expand its user base, product offerings, and technological capabilities.
According to Kalwani, the company could navigate the current crypto market downturn given its low burn rate and small team.
In India, crypto trading platforms have experienced a sharp decline in trading volume due to a new tax structure and a bear market.
Crypso has 50,000 users who have signed up. In the upcoming 8 to 12 months, it intends to reach one million active users.
“The market is bearish, and it is a great time to build. Our focus is to create this behaviour where people come to Crypso not just to invest, but because they want to know where to invest and if we are able to crack this, we think it is a huge consumer business opportunity,” Kalwani said.
