In a major development, Koinex, India's first multi-cryptocurrency exchange and trading platform has received funding from global investment firms, Pantera Capital and Beenext Pte. Ltd.
Koinex plans to channel the capital infusion towards scaling its technology infrastructure, further enhancing the product, and expanding the team over subsequent quarters.
Speaking on the investment, Rahul Raj, Co-founder and CEO, Koinex said that the 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.
The Pre-Series A round of funding was led by Dirk van Quaquebeke, Managing Partner - Beenext Pte. Ltd. and Daniel Morehead, Founder and CEO, Pantera Capital.
"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," Rahul Raj further added.
Also Read
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.
"Pantera Capital is staunchly committed to investing in local cryptocurrency exchanges across the globe, because any regional market thrives on local leadership," Daniel Morehead, Founder and CEO - Pantera Capital said.
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.
" 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," Dirk van Quaquebeke, Managing Partner - Beenext Pte. Ltd said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
