Mumbai-based Koinex, a multi-cryptocurrency exchange and trading platform, has raised an undisclosed amount in its pre-Series-A funding round from US-based Pantera Capital and Singapore-based Beenext.
The startup plans to deploy the fresh proceeds towards scaling its technology infrastructure, further enhancing the product, and expanding the team.
Koinex was founded in 2017 by IITians Rahul Raj and Rakesh Yadav along with BITS Pilani graduate Aditya Nayak. It facilitates the 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.
“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,” said Rahul Raj, Co-founder and CEO, Koinex.
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.
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.
In a previous round, Koinex had also raised a seed fund from Beenext, among other angel investors. The company also plans to launch its mobile app, and consequently bring one million new users on to the platform over the next few months.
While Beenext has invested in some of the leading Indian tech start-ups such as Citrus Pay, HackerEarth, and NoBroker, Pantera Capital is the world’s first investment firm to launch funds focused exclusively on bitcoin, tokens, and other digital currencies. 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.
Last month, Mumbai-headquartered Coinome owned by online payments solutions company BillDesk launched the first cryptocurrency exchange platform in India.