Global cryptocurrency management platform Kassio aims to clock a total turnover of $10 million (Rs 78 crore) in FY23, Sachin Singh, co-founder and CEO, Kassio, told FE Digital Currency, adding that India will account for 35-40% that is Rs 27-31 crore. Singh further claimed that while the India business will end the fiscal on the note of being operationally profitable, it will not be able to break-even in the first 11 months of operations. The platform claims to have globally onboarded 25,000 users since its beta version went live in April, 2022. “Our target is to have five lakh users by the end of this financial year. We are anticipating a growth of 25-40% per month in our userbase,” Singh said. The company’s operation in India began this May.
Going forward, the platform plans to launch its product in Europe in the middle of July. “We have plans to launch our product in Canada in Q4 of FY23,” Singh added. The platform raised funds in a pre-seed round of $1.6 million, this February. “The round was conducted on the basis of a valuation of $25 million. It was led by the investment advisory banking firm Aalto Capital. A venture capital (VC) firm and an angel investor also participated,” he added.
The platform, which claims to charge zero percent commission on its trade services, essentially earns from the rate of interest through its lending service. Under this, it allows users to take loans at interest rates ranging between 10.25-16%. “Apart from this, we provide staking service, – – which is a process that allows committing crypto assets to support a blockchain network and confirm transactions. We also allow users to convert their cryptocurrencies into fiat money on the basis of which a transactional fee is charged,” Singh stated. The platform claims that users don’t need to pay a fee to deposit their cryptocurrencies with its digital wallet.
Currently, the platform’s registered office is in Copenhagen, Denmark, but its Indian base of operations is in Noida and has over 50 employees in India. The platform claims to have a tie-up with blockchain data platform Chainalysis. “Through this tie-up, we are able to get the Know Your Transaction (KYT) facility which helps us to examine financial transactions. We have a partnership with technology company Onfido which provides Know Your Customer (KYC) solutions for verifying the client’s identity, and also with cryptocurrency exchange CoinDCX for trading services,” he said. Besides it has a partnership with a European cryptocurrency card provider company to launch its products in Europe, and with a liquidity services platform.