Cryptocurrency trading platform and multi-cryptocurrency exchange Koinex, based in Mumbai has recently received an undisclosed amount of funding from Singapore-based Beenext and US-based Pantera Capital. Daniel Morehead, the CEO and founder of Pantera Capital and Dirk van Quaquebeke the Managing Partner of Beenext had led the pre-Series A funding.
Other Indian companies such as Citrus Pay, Droom, KartRocket and Voonik had previously received funding from Beenext. The fresh capital inflow into the wallet of Koinex is expected to help it reach new heights in terms of its infrastructure, technology, team expansion and product enhancement.
Rahul Raj, the CEO and Co-founder Koinex was quoted as saying that:
“With funding and mentorship from names as prestigious as Pantera Capital and Beenext, we are excited to scale our secure and compliant technology, and build an advanced financial ecosystem for investors to work with, while making buying, storing, and trading of digital assets as seamless as possible.”
Dirk van Quaquebeke, the Managing Partner of Beenext was quoted as saying:
“Since India is a tremendous market because of its size and large remittance corridor, we believe Koinex is extremely well positioned to be a pioneering force in the cryptocurrency space in the country.”
Pantera Capital CEO and founder Daniel Morehead said that:
“Pantera Capital is staunchly committed to investing in local cryptocurrency exchanges across the globe because any regional market thrives on local leadership.”
A highly competitive tiered trade fee schedule meant for high-frequency trading is offered by Koinex whose digital infrastructure makes it easy to enter into transactions paving the way for instant deposits and withdrawals. The company is planning to come up with its mobile application thus accumulating about a million users to its platform in the upcoming months.
Koinex raises funds at such a time when Indian IT officials recently conducted a search operations at Bitcoin exchanges across India.
The fund raising by Koinex comes at a time when the IT officials conducted a raid across India on places where they suspected Bitoin was being illegally traded, following the price of the currency hitting $17,000 and above. But there are a couple of other firms in the Bitcoin trading space which have also raised funds recently indicating that the cryptocurrency and trading in it do have a bright future.
The survey conducted under section 133A of the Indian Income Tax Act was targeted at “Gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” as per department officials.( read more )
As the exchange claims on it’s website, Koinex is India’s most advanced digital asset exchange. The exchange tries to bridge the gap between India and the tremendous opportunities in the cryptocurrency field that the rest of the world is enjoying.
As of now, Koinex offers real-time trading and exchange of 8 different cryptocurrencies on it’s web based platform. Following are the cryptocurrencies that can be exchanged with INR on Koinex:
This platform was founded in August 2017 by Rakesh Yadav and Rahul Raj, two IIT class of 2016 graduates along with Aditya Naik, a BITS Pilani class of 2014 graduate
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