Kassio, a crypto for everyone platform that allows users to buy, sell, borrow, earn and utilize cryptos, announced it has successfully raised a funding of $1.6 million in the pre-Seed round.
Kassio received its funding in February 2022 from two major European investment funds and the round was successfully led by Aalto Capital.
The platform offers options where a user can stick to the earn feature if the trading feels risky, and earn up to 13 percent profits by converting funds into a stablecoin pegged to the dollar, it said in a statement. Alternatively, crypto users can instantly buy and trade in real-time and use the crypto they already own as collateral to receive instantly approved low-interest loans. Kassio also offers a crypto card that enables users to utilize their crypto in daily life.
Where will funds be deployed?
Kassio will use the funds 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.
The platform consists of an international team and was founded in October 2020 by Sachin Singh, Anuj Yadav, and Bharat Vivek, who have strong experience in product development and blockchain technology, the statement added.
Speaking about the funding, Sachin Singh, CEO and co-founder of Kassio, said, “This successful pre-Seed funding round is a testimony to the strength of our project Kassio, its roadmap, offerings, and the innovative product that brings together crypto investment and much-required crypto utility features”.
Shayan Khan, Partner at Aalto Capital added, “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.”
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 AUM (Digital Assets under Management) worth $16 million and a loan playbook of $9 millon dollars.