Home News Exchange Koinex Turns One: A Journey of Reaching 50,000 Crore in Cumulative Trading...

Koinex Turns One: A Journey of Reaching 50,000 Crore in Cumulative Trading Volume, and The Road Ahead

August 27, 2018 08:09
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It’s a very special day two days ago for Koinex. The digital assets exchange, as company likes to call itself, has turned one on 25th August 2018. It was on this day in 2017 that Koinex was launched in public beta by a 4-member team from an apartment of Mumbai. The exchange onboarded a thousand users within first 12 hrs of launch, and by September this number had grown ten-folds. The daily trade volume had also surpassed 1 crore INR per day, and a star was born.

The next few months in the journey of Koinex turned out to be a roller coaster ride. While it secured funding from marquee investors like Beenext and Pantera Capital, it also faced many roadblocks in its path. Continuing its robust growth journey by November company had onboarded as many as 1 lakh registered users. And it was also the month when company’s platform crashed for the first time due to extreme pressure. But things were fixed quickly and by next month company’s peak daily trading volume had reached $246 million (1,722 crore INR), putting it among the top #10 cryptocurrency exchanges worldwide.

Then RBI played evil in April with its banking blockade. Koinex, however, continued to grow with solutions like crypto-to-crypto trading, and recently in July with peer-to-peer trading. On this occasion of its one year anniversary company’s CEO Rahul Raj gave an interview to Inc42, in which he revealed that cumulative transaction volume on Koinex (total volume ever since its beginning) has surpassed 50k crore INR ($7.1 billion).

The company is now planning to use its expertise in blockchain technology for developing India-specific blockchain solutions that can be deployed in various areas. It’s also taking suggestions for it from its users with #LoveBlockchain campaign on Twitter. Rahul said in this regard during the interview:

“…we’re also exploring many other blockchain use cases for various industries and sectors. We are open to collaborating with the government or industry players/category leaders to forge alliances and co-develop sophisticated solutions.

Since we successfully built an exchange from scratch, we already have a strong understanding about the financial sector and the various blockchains which are integrated in it, but that doesn’t limit us from exploring other sectors such as healthcare, education, governance, real estate, digital media, and so on.

We have a strong team of more than 60 members who specialise in this revolutionary technology. We aim to make India a hotbed for blockchain technology and Koinex was our first step towards this goal.”

Let’s see which other blockchain solutions are developed and deployed next by the company. For now, Happy 1st anniversary, Koinex!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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