Koinex has announced its foray into blockchain solutions and is also setting a new development centre in Bengaluru this week.
Koinex explores the potential of blockchain technology in various industries and is developing solutions ranging from addressing 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 is building various platforms with agnostic blockchain solutions that will solve issues related to finance, payments, security and banking operations on a global scale. Additionally, the company 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.
The company has allocated a budget of $1 million for investments in the development of the blockchain ecosystem in India.
When asked about 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.”
The company is also venturing into building first and second layer blockchain infrastructure tools as part of its R&D initiatives which are going to be critical for product developers and designers who can easily build decentralized applications and push this technology with a consumer focus into the masses.
Koinex 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 500,000 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 Rs. 1,722 crores in one day during December 2017 and featured as top 10 digital assets exchange in the world.