The Indian community is eagerly waiting for January 15, 2019 to hear what will come out of the case being currently heard in Supreme Court. However, it is interesting to see cryptocurrency exchanges looking into diversifying their services, in the meantime.
Indian cryptocurrency exchange, Koinex stated that they are planning to diversify into providing blockchain services, apart from their usual business model. Rahul Raj, the founder of Koinex told news portal, Hindu Business Line, “With such enormous size of these markets, there is a tremendous opportunity to solve issues like latency, reconciliation, access to capital and building of new financial instruments, all with the use of blockchain technology,” while quoting a recent Thomson Reuters report, saying that the global debt and equity capital markets were pegged at $5.3 trillion and $ 403 billion during the first nine months of 2018.
The company will provide blockchain infrastructure tools for product developers and designers who can easily build decentralised applications (or dApps) and push this technology to the masses, Raj added.
Talking to Crypto-News India, Mayank Valecha a product manager confirmed that the news is indeed true. We asked him about some of the points not covered in the Business Line article and he said, “As was mentioned, there is a huge market scope and we have been thinking a lot about how best to tap into it. However, at this moment we are not disclosing a tentative date as to when this side of the venture will kickstart. Koinex’s policy is always to launch a new product and then announce it.”
Asked if the exchange would continue to function, Valecha said, “Yes absolutely. As the exchange is our core product and business model, the Mumbai-based team will continue to run alongside the blockchain venture.” He added that the company is actively hiring for both the ventures.
However, it must be noted that Koinex has been fairly above board in its operations, inspite of the looming regulations uncertainty in India. Earlier in September the exchange, while bringing back INR withdrawals and deposits, had said, “Keeping in mind the volatility of the market and that little inconvenience in trading on peer-to-peer platforms, we decided to design a much simpler, smoother and consistent payment functionality. To ensure faster trades, UPI and IMPS will be the only methods supported as of now.”
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