Koinex announced its foray into blockchain solutions and their plans for global expansion. The company is also inaugurating a new development centre in Bengaluru this week. Koinex explores the potential of blockchain technology in various industries with innovative solutions and has decided to plant the seeds of blockchain in the IT hub of India. The solutions that Koinex is developing range from addressing existing challenges of data fraud to lack of transparency and privacy concerns that will leverage blockchain technology to fight issues like data tampering, high transactional fees, and middleman interferences.
Backed up by the renowned VCs - Beenext (Singapore) and Pantera Capital (San Francisco), the largest blockchain focused venture capital firm in the world, the Mumbai based company is setting up a blockchain dedicated development centre in Bengaluru to build various platforms with agnostic blockchain solutions that will solve issues related to finance, payments, security, and banking operations on a global scale. The team is also aggressively expanding their workforce by the end of March 2019 to foster technology and product development.
Additionally, they will be leading several community building exercises such as hackathons, DevCons, and meetups in 2019 to provide the blockchain community with a platform to explore the various nuances of the decentralized technology. Towards this, they have allocated a budget of $1 million for investments in the development of the blockchain ecosystem in India.
When asked about his vision for this expansion, Rahul Raj, Co-Founder & CEO, Koinex said, “Digital assets exchanges are at the epicenter of all blockchain related development today. Having built India’s first and largest exchange, it gives us the confidence to now diversify our product offerings. As per recent Thomson Reuters reports, overall global debt capital markets activity totaled US$5.3 trillion during the first nine months of 2018 with equity capital markets activity at US$403.2 billion during the first half of 2018. With such enormous size of these markets, there is a tremendous opportunity to solve issues like latency, reconciliation, access to capital and building of new financial instruments, all with the use of blockchain technology. We’re focused on building the next-gen FinTech solutions for the emerging digital world. Along with that, we’re also venturing into building first and second layer blockchain infrastructure tools as part of our R&D initiatives which are going to be critical for product developers and designers who can easily build decentralized applications (or dApps) and push this technology with a consumer focus into the masses. We plan to triple our workforce to be able to achieve these targets and will continue to focus on the exchange business alongside.”
Koinex aims to create global awareness and acceptance of the blockchain technology. The firm believes in the potential of Non-Fungible Tokens [NFTs] and feels strongly about tokenization being a unique way of representing ownership of an asset - both physical and digital. Koinex will invest in core blockchain product development ranging from infrastructure layer to the application layer to leverage the benefits of this fast-emerging technology in sectors including finance, education and governance.
Currently, Koinex is the largest digital assets exchange in India with over 5,00,000 registered users. The company has developed their in-house trade engine that can process over 1 million orders per second. Koinex clocked a peak trading volume of INR 1722 crores in one day during December 2017 and featured as top 10 digital assets exchange in the world.
