Mumbai-based cryptocurrency exchange Koinex is planning to try its hands at Blockchain solutions now as the Indian market for cryptocurrencies is at a downfall, triggering speculations.
The company’s ambitious plan involves the move to provide Blockchain solutions to banks and financial institutions, and it has opened a new development center in the country’s tech capital, Bengaluru for the same. Future plans include overseas expansions.
Although it’s setting foot in a new territory, the company isn’t alone. With renowned VCs like Singapore’s Beenext and San Francisco’s Pantera Capital backing the company, the company will focus on providing solutions to issues like payments, security, and banking operations.
Koinex’s founder Rahul Raj has stated that the company will now address security issues for financial institutions like data fraud, data tampering, high transactional fees, and middleman interferences. Citing the multi-trillion dollar global debt just this year, he pointed out the opportunities for providing solutions using Blockchain tech to issues like latency, reconciliation, and access to capital.
He added that the move would provide Blockchain infrastructure tools for developers and designers who can quickly build decentralized apps (or dApps) on a large scale.
The plan for expansion calls for more human resources and the company of 70 employees is looking to take on more employees, aiming to triple the number as the company has no plans to shut down the exchange. Koinex also plans to invest about $1 million in 2019 to build the blockchain ecosystem by conducting hackathons, DevCons, and meetups to explore the various nuances of this technology.
Following this year’s bearish market behavior in cryptocurrencies and uncertainty among the Indian regulators on the rules and legislation involved, the country has somewhat lost its interest in crypto-trading. The company’s still facing the effects, but the founder has been optimistic about the market, expressing his belief that there are “dramatic changes” to the market expected soon.
“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,” Raj said. He also expressed his optimism on the fact that the Supreme Court of India is likely to have a hearing in January 2019 about the bill on the legality of crypto in the country.
The apex court is currently in the process of gathering localized data from regional courts about the legality of crypto through multiple hearings.