Mumbai Cryptocurrency Startup Koinex Raises Funding from World’s Largest Blockchain Investment Fund
Pantera Capital is called “world’s largest blockchain and cryptocurrency focussed investment fund”; South Asian venture capital firm Beenext also invests in Koinex’s plans to expand.
Photo Credit : coinraja.com,
In a major development substantiating its exceptional business model and its promise of disruption in the blockchain space, Koinex, India's first multi-cryptocurrency exchange and trading platform, has received funding from global investment firms, Pantera Capital and Beenext. The pre-series A round of funding was led by Dirk van Quaquebeke, managing partner of Beenext and Daniel Morehead, founder and CEO, Pantera Capital. The company plans to channel the capital infusion towards scaling its technology infrastructure, further enhancing the product, and expanding the team. In a previous round, Koinex had also raised a seed fund from Beenext, among other angel investors.
Pantera Capital is the ‘world’s first investment firm to launch funds focused exclusively on bitcoin, tokens, and other digital currencies’, making its maiden investment in the Indian cryptocurrency domain with Koinex a massive shot in the arm for the platform. The firm has invested in major global blockchain protocol products, including Ethereum Project, Ripple Labs, and Bitcoin Foundation, along with one of the largest global cryptocurrency exchanges Bitstamp, among others. Beenext is an early stage venture capital firm investing in startups from India, Southeast Asia, Japan, and USA. The firm has invested in some of the leading Indian tech startups such as Citrus Pay, HackerEarth, and NoBroker.
Launched in August 2017, Koinex facilitates real-time trading of multiple cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin on a single web platform, based on a peer-to-peer exchange model. The live, open order book exchange offers transparent pricing for each listed digital asset, enabling potential buyers to place their bids, and sellers to set ‘asks’ for the cryptocurrency they want to trade in. Koinex’s USP is its state-of-the-art proprietary trading engine; with a fully home-grown trading and blockchain system, the platform boasts of cutting-edge technology that powers its wallet and platform architectures, grade-A security systems, user-centric UI/UX, in addition to several user-demanded features.
Rahul Raj, cofounder and CEO, Koinex commented, “Global markets have crossed the tipping point for Bitcoin and other cryptocurrencies, which have transitioned from being a rising trend to a full-fledged technological and financial phenomenon. Our aim, hence, is to be the market leader in blockchain technology and the go-to platform among cryptocurrency exchanges in India, as well as globally. With funding and mentorship from names as prestigious as Pantera Capital and Beenext, we are excited to scale our secure and compliant technology, and build an advanced financial ecosystem for investors to work with, while making buying, storing, and trading of digital assets as seamless as possible.”
Dirk van Quaquebeke, managing partner, Beenext, said, “With its deep technology stack and distinctive business model, Koinex has developed a truly unique state-of-the-art product, and seized the emerging opportunities and untapped prospects for cryptocurrency trading in India. Since India is a tremendous market because of its size and large remittance corridor, we believe Koinex is extremely well positioned to be a pioneering force in the cryptocurrency space in the country. Koinex has immense potential to succeed, especially in a high-growth market such as India, and we are delighted to be a part of what promises to be an impressive growth story.”
Daniel Morehead, founder and CEO, Pantera Capital said, “Koinex’s business model and cutting edge technological infrastructure are unmatched in the Indian market so far, which makes us confident that it can sustain its rapid growth to emerge as one of the strongest players in the domain, not only in India, but globally as well. Pantera Capital is staunchly committed to investing in local cryptocurrency exchanges across the globe, because any regional market thrives on local leadership. We are excited to partner with Koinex because of the team’s meticulous strategy and impressive execution of their vision of a robust multi-cryptocurrency exchange for India.”
Koinex offers a highly competitive tiered trade fee schedule for high frequency trading, while its digital infrastructure enables seamless transactions, allowing instant deposits and instant withdrawals using automated payment systems. Furthermore, the company plans to soon launch its mobile application, and consequently bring one million new users on to the platform over the next few months.
Around The World