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"We've done a little bit of the whole vision – Exchange, moving forward, we're diversifying our product line," said Raeul Raj, CEO of Koinex. Founded at the end of 2016, Koinex is backed by the venture capital firm Beenext (Singapore) and Pantera Capital (San Francisco), the world's largest block-venture venture capital firm.
"Koinex is working on creating first- and second-level blockchain infrastructure tools as part of our R & D initiatives that will be critical for developers and product designers who can easily create decentralized applications (or dApps) and push this technology with attention to the masses consumer, "said Raj.
The company has set aside $ 1 million for community building measures – hackathons, meetings, partners with academic institutions, research, clothing for design courses, etc. The CoE aims to resolve issues related to finance, payments, security and banking transactions on a global scale.
Koinex, based in Mumbai, was the first Indian exchange to support more cryptocurrencies on its platform which made it the goto trade for many of the 10 cryptocurrency traders in India. At its peak, Koinex made Rs.1700 crore in transaction volumes.
"We are working on products related to fintech applications such as loan, trading, analysis, audit reports – all of these will exploit blockchain technology," said Raj.
At the start of this year, the Indian government stopped bank support for encryption activities, which resulted in a drop in transaction volumes of over 90 percent on these exchanges. This move has forced Indian exchanges to expand globally or diversify their offers. Zebpay and Bitxoxo are two Indian stock exchanges that have moved abroad despite the government's move.
"The firm believes in the potential of non-fungible tokens [NFTs] and strongly believes that tokenisation is a unique way of representing the property of a good, both physical and digital, "said the company.
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