Following the raise, the company said that it intends to allocate these funds toward its new resource and development center in Pune, India in an effort to further expand the project’s payment infrastructure.
There, the team hopes to roll out new methods of cryptocurrency adoption for traditional financial services as a part of their current orchestration platform. Additionally, this funding will be used to push new standards in regards to interoperability.
According to Cion Digital’s co-founder Snehal Fulzele, its business model will consist of a fixed, monthly platform fee on top of a transaction fee that scales with the number of digital assets being processed.
Cion Digital said it hopes to use these expanded features to reach a wider, more diverse pool of clients. These expanded features include a fintech lending protocol, which provides an easy way for patrons to invest in crypto as well as allowing customers to take out fiat loans using crypto as collateral, and a protocol for vehicle dealing that is able to create a crypto-financing plan aimed at younger consumers.