A Mumbai-based cryptocurrency exchange, Koinex received an undisclosed amount of funding from US-based cryptocurrency investment firm Pantera. The funds were raised in a seed funding round that was led by current investor, Singapore-based Beenext.
Koinex was founded by Rahul Raj, Rakesh Yadav and Aditya Naik who are established entrepreneurs in August 2017. The funding was attended by two investors: Dirk van Quaquebek who is a founder and Managing Partner at Singapore-based Beenext and Dan Morehead who is the chief executive officer (CEO) at US-based Pantera.
The cryptocurrency exchange offers a highly competitive tiered trade fee schedule for high-frequency trading, while the digital infrastructure claims to offer deposits and withdrawals at nominal fees.
Rahul Raj, one of the founders told a finance portal, “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, trading of digital assets, as seamless as possible.”
The funding comes at an opportune moment, in the midst of a not-so-great week for the exchange. The official Facebook page is inundated with customers’ complaints regarding various issues such as pending know your customer (KYC) verifications, held-up orders, withdrawal issues,delay in deposits etc.
Beenext has also invested in other Indian companies such as Citrus Pay, Voonik, etc.