As the future of cryptocurrency seems unclear in India, a Mumbai based cryptocurrency exchange firm Koinex has decided to enter in blockchain solutions.
The firm is looking forward to build blockchain solutions especially for banks and financial institutions. In order to accomplish that, the company has started a development center in the country’s tech hub Bengaluru. The exchange also holds plans of overseas expansions.
On this, Koinex’s founder Rahul Raj expressed that Koinex will address issues such as data fraud, lack of transparency, data tampering, middleman interferences and high transactional fees for financial institutions.
He noted the multi-trillion dollar global debt just this year, stating, “With such enormous size of these markets, there is a tremendous opportunity to solve issues like latency, reconciliation, access to capital and building of new financial instruments, all with the use of blockchain technology.” He affirms that Koinex will work on building the next-gen fintech solutions for the growing digital world.
The company is also planning to hire more employees to achieve the purpose. Raj said, “We plan to triple our workforce to be able to achieve these targets and will continue to focus on the exchange business alongside.” Moreover, Koinex will be hosting hackathons, DevCons and meetups to explore the blockchain space and its possibilities. For that, it will invest about $1 million in 2019.
Notably, the firm is facing downward sentiment due to worldwide bearish market in crypto assets. The uncertain and speculative circumstances in the country regarding cryptocurrency is also making an impact on the exchange. Although, the founder of Koinex gave some positive comments, saying, “Volumes have dried up for sure in the bearish market. In India, the trading activity has declined by 1/10th. But we are optimistic that things will change in the next 6-12 months.” He added that the Indian government had formed a committee to draft a bill on which the Supreme Court is likely to give its final hearing on January 15.
Raj also estimates “dramatic changes” to the market. Also, well-known VCs such as Singapore’s Beenext, and San Francisco’s Pantera Capital are supporting the company, to venture in blockchain solutions. Koinex is aiming to provide solutions to issues like payments, security, and banking operations.