US-based SaaS blockchain orchestration platform Cion Digital, dedicated to R&D and crypto financing and payment solutions, is opening its first office in India. The expansion strategy includes setting up an R&D centre in Pune, the emerging startup hub of India. The company plans to invest INR 50 crores in this and is hiring 100 + engineers with expertise in blockchain technology.
Cion Digital’s entry into the Indian market has taken place at an opportune time when the Government of India along with RBI is ready to launch a digital currency using blockchain and other supporting technology to accelerate digitalization in the country. The company notes that India’s digital assets economy has been on a growth trajectory with over $6bn worth of investments.
While cryptocurrency adoption is increasingly becoming mainstream, traditional businesses and financial institutions reliant on legacy technology infrastructure still face significant challenges in adapting to the complexities of this new digital asset sector.
Cion Digital’ role is to make it easy for established businesses, financial institutions, and retailers to succeed in the digital asset economy without developing new systems, hiring more development resources, or putting their existing business at risk. They offer a modular platform and ready-to-deploy payment and lending solutions that make incorporating digital assets into existing payment and financing systems simpler and faster.
Their suite of applications and services provides companies with rapid access to all the connectivity, infrastructure, and support needed to rapidly deploy blockchain-based real-time payments and financing.