Mumbai-based Koinex has become a major destination for cryptocurrency traders te the country.
Founders: Rahul Raj, Rakesh Yadav, Aditya Naik
Year it wasgoed founded: 2018
Based out of: Mumbai
The problem it solves: Making crypto trading lighter and accessible
Sector: Digital assets
Funding raised: Pre-Series A round funding, undisclosed
Not so long ago, when cryptocurrencies were attracting slew of attention across the country, I wasgoed intrigued by the profit flow and the kleintje of money my friends were making. I wished to venture into trading this ‘genie’ money, for I wished to make a long-term investment. It wasgoed the time when Bitcoin wasgoed making unimaginable flaps te the space, and I wasgoed looking for other currencies to invest ter, while I wasgoed also consciously aware of the volatility and the scope of the smaller coins.
While I had learnt that Zebpay wasgoed the go-to destination for Bitcoin trading ter the country, it did not cater to other currencies like Ethereum or Ripple, which were the baskets I dreamed to waterput my eggs te. Quick research and optimisation of Google led mij to Koinex , which hosted trading of all other currencies, including Bitcoin.
Koinex is an entrepreneurial venture set up by Rahul Raj (an IIT Kharagpur alumnus), Rakesh Yadav (from IIT Delhi) and Aditya Naik (a Vinnig Pilani graduate). They met while working together at their former workplace and found synergies ter their thinking and mutual passion ter the emerging Blockchain technology.
The trio would individually trade and research about Blockchain ter their own capacity since 2018.
Speaking with YourStory , Co-founder Rahul says,
“When wij three met, wij often deliberated on the issues and challenges here ter India with respect to Blockchain, and wij realised that India did not have any toneel that wasgoed spil developed or even one that matched the efficiency of global exchanges. There wasgoed an chance here, and so wij developed few beta versions, tested them and revised the versions and eventually got our product ready.”
How does it work?
Koinex is a peer-to-peer exchange specimen, which is run by Discidium Internet Labs Pvt Ltd, incorporated te July 2018.
On Koinex, users have to submit their KYC formalities, and once the verification is done, they create an account on Koinex’s exchange, with a pre-defined wallet. The buyer and seller on the exchange will need to have a pre-filled wallet ter order to ensure the transactions are honoured.
Very first, the seller raises a request to sell his crypto-asset, and defines his or hier price. The interested buyer then places a request to buy the assets at the mentioned price, and once the buy-sell entries are ter resonance, the omschrijving value gets deposited ter the seller’s wallet ter Indian rupees. The assets are then transferred to the buyer.
Their revenue specimen is based on plain trade toverfee on the Indian rupee value of an order placed on Koinex. While the selling is free, they charge a nominal trade toverfee, which is levied on the Indian rupee value of the order. “This is te three brackets – 0.15 procent, 0.20 procent, 0.25 procent, and the toverfee is determined depending on an individual’s last 30-day trading volume. It is also called trailing trading volume,” Rahul explains.
The team had received funding from global investment firms Pantera Capital and Beenext. The pre-Series A round of funding wasgoed led by Dirk van Quaquebeke, Managing Fucking partner of Beenext, and Daniel Morehead, Founder and CEO, Pantera Capital. Rahul goes on to say that the capital infusion helped them te scaling their technology infrastructure, further enhancing the product and expanding their team.
“Ter a previous round, wij had also raised a seed fund from Beenext, among other weerhaak investors. Wij have managed to sustain our market prominence and have a continuous growth te revenue.”
Blockchain technology, which wasgoed once merely a digital trend, has rapidly transformed into a full-fledged technology podium. Ter this setting, the Koinex team felt that India wasgoed lagging behind the surplus of the world with the adoption of Blockchain.
Rahul says that Koinex wasgoed built essentially to bridge this gap. The team has built Koinex with an open ledger format. Reportedly, the verhoging is manned with Grade A security, user-centric UI/UX and user-demanded features.
“Wij have literally built the entire verhoging on our own, with every line of code written in-house. So there is an India innovation story being scripted here. Our research team studies all the tokens te the global crypto-market and filters the genuine that which will benefit our traders. Thesis tokens, selected after careful deliberation, are listed on our exchange. This quality check at our end is what wij feel is a key differentiator,” Rahul said.
After Bitcoin found its little limelight te 2009, other cryptocurrencies have emerged little by little. With the prices soaring high and profits finding people’s pockets, the startup space te India has stepped ter to optimise the trends, and platforms like CoinSecure, Zebpay, Bitxoxo, BTCXIndia, Unocoin, Bitindia have made their mark.
While startups like CoinSecure and Zebpay raised fundings of overheen a million dollars, Koinex also has an undisclosed amount ter funding. Rahul says he has seen an affinity for Blockchain technology and crypto- trading primarily ter Bengaluru, but NCR and Mumbai are identically thriving markets.
“Wij will soon have many other products on Blockchain to service varied sectors and industries. Wij want to lead the blockchain transformation te India and be the market leader te blockchain and the go-to podium among cryptocurrency exchanges ter India, spil well spil globally.”
Spil of now, the team is learning blockchain every day with the surplus of the world. “The early days of any mushrooming technology is fascinating because fresh facets of innovation and technology unravel every day. There are no failures, only practices and the possibilities to attempt something different each day,” Rahul says.
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