In the remaining couple of years, endorsed through Bitcoin’s soaring recognition within the Indian marketplace, a number of cryptocurrency exchanges have come up with many extra queued up to be released. However, very few cryptocurrency startups have truly managed to elevate funding. Homegrown Mumbai-primarily based Koinex is one of the few that has. It is likewise a dwelling instance of VCs’ developing fondness for investments in Indian cryptocurrency and blockchain startups.
Founded by means of Rakesh Yadav, Rahul Raj, and Aditya Naik in August 2017, Koinex, in a very brief span — simply 5 months from its release — successfully closed a pre-Series A round of investment led through Dirk van Quaquebeke, Managing Partner of Beenext, a well-known Singapore-primarily based early-stage venture capital (VC) firm, and Daniel Morehead, founder and CEO of Pantera Capital, the world’s biggest blockchain-targeted VC company.
After Launching Loop, Koinex Explores Other Blockchain Solutions
To assuage the impact of the RBI round — which banned banks and payments agencies from extending any type of services to cryptocurrency exchanges — for its users, Koinex got here up with an innovative collateralised peer-to-peer (P2P) crypto transactional answer referred to as Loop. The platform allows users to perform crypto investments and allows crypto-INR buying and selling however the RBI round.
But the circular has had a miles-reaching impact at the cryptocurrency marketplace of India. cft speaks to Koinex founder and CEO Rahul Raj to find out just how deep and wide the impact has been. We also communicate to him about the company’s adventure within the last 365 days — the 12 months which saw Bitcoin expenses surge to above $19,000 after which stabilise at $ 6,500 — and are seeking to understand the Loop gain.
Here are a few excerpts from the interview:
cft: The ultimate 365 days has been a roller coaster journey for the cryptocurrency section the world over. How has the 12 months been for Koinex? To what dealers and elements do you attribute your exceptional success?
Rahul Raj: It has been an extremely good 365 days for us as we end the yr with a cumulative transaction quantity of over $7.1 Bn (INR 50K Cr). Being one of the first virtual property change in India, we quickly gained the trust of Indian buyers with our advanced product offering and consumer-centric method. This become contemplated in our January marketplace stats as we acquired greater than 35K signal-u.S.And crossed $246 Mn (INR 1,722 Cr) in alternate volume inside 24 hours.
We had been the first change globally to launch a Ripple (XRP)-primarily based exchange market and, in India, we were the first exchange to introduce immediate deposits and withdrawals. We gained a tremendous marketplace percentage and constructed a robust recognition as a depended on trade and succeeded in securing investment from Pantera and Beenext in addition to completed angel investors.
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One of the primary reasons why Koinex grew to come to be the most relied on digital assets trade in a brief span of time is our ‘customer-centricity’. Product development by no means stops at Koinex; we are constantly looking at approaches to higher the user revel in by using enhancing the efficiency of the platform, improving the robust protection imparting, and imparting ‘fee-added functions’ on our platform to help in easier and smarter trading. The other reason is that we’ve been very agile in adapting to the marketplace conditions.
After Launching Loop, Koinex Explores Other Blockchain Solutions
cft: How did the RBI round have an effect on Koinex in phrases of sales, customers, and many others?
Rahul Raj: The RBI directive become a knee-jerk response from the government, which adversely impacted the entire industry and also the gamers in the space. The main subject for the Indian traders then turned into dropping value in their virtual assets and so we released Loop, a collateralised P2P trading platform that allows crypto/INR buying and selling. Loop is a trustful token transaction network that takes buying and selling in virtual assets to a extra decentralised setup.
cft: What’s the scope of the P2P crypto transaction network in India. Tell us extra about Loop and the way has users’ response has been so far.
Rahul Raj: Loop is India’s first collateralised peer-to-peer trading platform that allows crypto/INR transactions at 0 network and zero trade prices. We have ready Loop with essentially critical functions inclusive of KYC compliance, more than one fee alternatives, generation-enabled dispute settlement, and automated motion calls through Interactive Voice Response (IVR).
Buyers and dealers on Loop can create their very own listings (like a market) or explore present listings to pick their first-class trades. Other key aspects of Loop include a person score mechanism, cancellation choice for sellers, listing change, dynamic pricing, cleansing of stale listings, and a bunch of different functions to make certain only true and legitimate buying and selling on the platform.
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We also are constructing state-of-the-art algorithms to beautify the consider thing and discourage fraudulent buying and selling sports. This platform is also completely included with the Koinex exchange to create a whole surroundings where one account may be used to get right of entry to crypto/crypto corridors on Koinex and crypto/INR trade on Loop, thus completing the trading cycle for users.
Zero trade charges and our person-centered method has helped Loop turn out to be the maximum relied on platform among customers for peer-to-peer buying and selling. The different key reason for Loop’s achievement is our conscious attempt to help lively and real traders benefit higher traction on their trades and weed out the rest, which reduces the scope of disputes and builds a healthy and relied on buying and selling platform. While it’s nonetheless early days, Loop has been thoroughly acquired by means of the Indian buying and selling community and we are seeing growing traction each day.
cft: As the crypto market is presently stupid, does Koinex have any plans to launch different blockchain-based totally answers? Please complicated.
Rahul Raj: We currently launched Loop and we’re also exploring many other blockchain use instances for diverse industries and sectors. We are open to taking part with the government or enterprise gamers/class leaders to forge alliances and co-broaden state-of-the-art solutions.
Since we correctly built an exchange from scratch, we already have a sturdy expertise approximately the financial quarter and the numerous blockchains that are incorporated in it, but that doesn’t limit us from exploring other sectors along with healthcare, schooling, governance, actual property, digital media, and so forth.
We have a strong group of extra than 60 participants who specialise in this progressive generation. We intention to make India a hotbed for blockchain era and Koinex changed into our first step towards this goal. We take satisfaction that Koinex is built in India, built for India.