2021 has been kind to the startup sector in India, clocking many highs and creating new records. The newest milestone created was the advent of India’s maiden social crypto exchange platform in the form of Bengaluru-based Defy, after it raised $5.5 million in its latest funding round led by Goat VC, JAM Fund, and Goodwater Capital.
The round also saw participation from Gemba Capital, Night Ventures, GMO Venture Partners, Olive Tree Capital, and existing investor Better Capital. The fresh capital has been raised for its parent company Walrus, which runs a neo-banking platform. The proceeds will be utilized to scale up the team across engineering, product, growth, and other verticals.
Cryptocurrency has never received so much hype and attention before, thanks to the efforts of individuals and platforms – in fact, we might see it being held as an asset in India (though it will not be permitted to be used as legal tender). Defy, founded by entrepreneurs, Bhagaban Behera, Sriharsha Setty, and Nakul Kelkar, has launched India’s first social crypto exchange that allows users to create their profiles and share portfolios with friends and followers.
The first version of the platform is available for Android users on Google Playstore. Defy said that it aims to “disrupt the cryptocurrency space with a social and community-based approach,” thereby creating a platform that lets users create their profile, share their portfolio, and interact and follow experts for investment strategies.
Considering the fact that the world’s second-largest internet market continues to be in a state of confusion (including the lack of a well-informed debate in the public domain and the opposition of the RBI) when it comes to crypto, Defy’s work might be a step in the right direction.
Defy also aims to educate users with gamified content and social conversations around the subject of crypto. Bhagaban Behera, co-founder, and CEO said, “Defy is a coming-of-age fintech startup that aims at disrupting the cryptocurrency space in India. Our platform puts the user’s needs at the heart of the conversation. Defy is an app for crypto enthusiasts in India that embraces a friendly user experience keeping the intimidating crypto lingo at bay.”
“Over the past 18 months, this asset class has caught everyone’s attention not only because it has emerged as the best asset class of 2021 but also because other asset classes are not able to fulfill the aspiration of the smart investors who want their money to grow in tandem with global growth rate,” he added.