After Zebpay, Unocoin and Coinsecure, Mumbai-based Koinex, a multi-cryptocurrency exchange and trading platform, has now closed Pre Series A round of funding led by Dirk van Quaquebeke, Managing Partner of Beenext and Daniel Morehead, founder and CEO of Pantera Capital. This is yet another evidence of VCs’ growing fondness for investments in Indian cryptocurrency-based startups.
The company plans to channel the capital infusion towards scaling its technology infrastructure, further enhancing the product, and expanding the team. The cryptocurrency exchange also plans to launch its mobile application, and consequently add mobile-based users onto its platform over the next few months.
In a previous round, Koinex had also raised an undisclosed amount of Seed funding from Beenext, among other angel investors.
Commenting on the development, Rahul Raj, cofounder and CEO, Koinex said, “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.”
Founded by Rakesh Yadav, Rahul Raj and Aditya Nayak 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.
The platform boasts 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.
Pantera Capital is the world’s first investment firm to launch funds focused exclusively on cryptocurrencies such as Bitcoin, tokens, and other digital currencies. With Koinex, the investment firm has made its maiden investment in the Indian cryptocurrency domain.
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 crypto-currency exchanges Bitstamp, among others.
Daniel Morehead, founder and CEO of Pantera Capital said, “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.”
Cryptocurrency exchanges have been mushrooming in India since late 2014. However, besides 2-3 cryptocurrency exchanges, others haven’t been equally successful in raising sizeable amounts of funding. However, as Bitcoin price has undergone an almost 12-fold surge, VCs are now increasingly keen to invest in cryptocurrency startups based in India.