India’s multi-cryptocurrency exchange and trading platform Koinex has raised an undisclosed sum in pre-Series A funding from blockchain-focussed VC fund Pantera Capital and Singapore’s early-stage VC firm Beenext.
The round was led by Beenext Managing Partner Dirk van Quaquebeke and Pantera’s Founder and CEO Daniel Morehead.
Mumbai-headquartered Koinex plans to use the investment to scale its technology infrastructure, enhance the product and expand the team.
The startup has earlier secured a seed funding from Beenext and other angel investors.
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Launched in August 2017, Koinex facilitates real-time trading of multiple cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin on a single platform, based on a peer-to-peer exchange model. The firm claims its live, open order book exchange offers transparent pricing for each listed digital asset, enabling potential buyers to place their bids, and sellers to set ‘asks’ for the cryptocurrency they want to trade in. It says the platform facilitates simple on-boarding with quick e-KYC, and enables users to instantly start transacting in their preferred cryptocurrency.
Koinex Co-founder and CEO Rahul Raj said: “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. Our aim, hence, is to be the market leader in blockchain technology and the go-to platform among cryptocurrency exchanges in India, as well as globally.”
Started in 2015, Beenext is an early-stage fund with US$170 million under its management. The firm is managed by Teruhide Sato, Quaquebeke and Hiro Maeda. Headquartered in Singapore, its focus markets are India, Southeast Asia, and Japan. Its Indian investments include Droom, Hackerearth, NoBroker, Citrus Pay, Grey Orange Robotics and Shopclues.