Flint, a cryptocurrency startup, obtains $5.1 million in venture funding headed by Sequoia and GFC.
- ByStartupStory | January 26, 2022
Flint, a crypto currency startup, has secured $5.1 million in a seed round headed by Sequoia Capital India and GFC.
Coinbase Ventures, Hashed, IOSG, Better Capital, Antler India, and MSA Capital were among the 11 institutional and angel investors who took part in the round.
Sandeep Nailwal (co-founder, Polygon), Jaynti Kanani (co-founder, Polygon), Do Kwon (founder, Terra), Nitin Gupta (co-founder, Uni), Kunal Bahl and Rohit Bansal (co-founders, Snapdeal), and Tanmay Bhat are among the angel investors.
The freshly raised cash will be used to improve the product in response to early feedback, as well as hiring senior engineers, designers, and product managers. Flint also intends to use a large percentage of the funds to improve legal and risk functions, guaranteeing compliance with legal and regulatory requirements and going above and above market standards to decrease business risk.
Flint, founded in 2021 by Akshit Bordia and Anshu Agrawal, former product managers at CRED, seeks to provide an alternative to purchasing and selling crypto by allowing users to generate passive income. Users can earn up to 13% per year on their deposited funds using the company’s current simple and stable earning possibility. Flint says it doesn’t expose consumers to risky crypto assets like Bitcoin or Ethereum, according to a statement. It only works with stable cryptocurrencies such as USDT, USDC, and others that are not subject to price volatility.
“Flint’s goal is to make cryptocurrencies simple and accessible to everyone,” stated co-founder Anshu Agrawal.
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