Uncertain about the future of cryptocurrency in the country, Koinex, a leader in encryption, is planning to enter blockchain solutions.
The Mumbai company is trying to provide blockchain solutions to banks and financial institutions soon and, to this end, has opened a new development center in Bengaluru. He is also thinking of a plan to expand his services in global markets.
Supported by the renowned VC-Beenext (Singapore) and Pantera Capital (San Francisco) -Koinex will provide solutions to solve problems related to finance, payments, security and banking operations on a global scale.
Focusing on fintech
The founder of Koinex, Rahul Raj, said BusinessLine that the company will deal with issues such as data fraud, lack of transparency, data tampering, high transaction fees and intermediary interference for financial institutions.
Citing a recent one Thomson Reuters Raj said global debt and the equity capital market were anchored at $ 5.3 trillion and $ 403 billion in the first nine months of 2018. "With such huge dimensions of these markets, there's a Enormous opportunity to solve problems such as latency, reconciliation, access to capital and creation of new financial instruments, all with the use of blockchain technology, "he said, adding that Koinex will focus on building solutions new generation fintech for the emerging digital world.
In addition, it will provide blockchain infrastructure tools for developers and product designers who can easily create decentralized applications (or dApps) and push this technology to the masses.
The company, with a total workforce of 70, is trying to hire more people to achieve these goals. "We plan to triple our workforce to be able to achieve these goals and we will continue to focus on the trade business," Raj said.
Koinex also plans to invest about $ 1 million in 2019 to build the blockchain ecosystem by conducting hackathons, DevCons and meetups to explore the various nuances of this technology.
While Koinex plans to invest in the development of core blockchain products, the core business of the company, the encryption platform, is witnessing a loosening following a global bearish market and uncertainty among Indian regulators in making clarity on the legality of cryptocurrencies. However, Raj said the market should soon witness some dramatic change.
"The volumes have dried up for sure in the bear market, in India, the business has declined by 1/10, but we are optimistic that things will change in the next 6-12 months," said Raj and added that the Indian government has formed a committee to draft a bill on the encrypted after which the Supreme Court should give its final hearing on January 15th.
The Supreme Court is currently listening to numerous cases filed in various courts of the country on the legality of the encrypted, grouping them all into one.