Indian Crypto Exchange Koinex Finds Interest In Blockchain, Sets Up A Development Center
Koinex Interested In Potentially Investing In Blockchain, Sets Up A Development Center
One of India’s biggest cryptocurrency exchanges in terms of volume and market cap, Koinex, has decided to go into the blockchain space.
The decision may not be unconnected with the recent development in the cryptocurrency market in India, especially the fluctuating market predictions surrounding the digital exchange market in the country.
One is convinced that policy instability and unfavorable regulatory framework threatening the cryptocurrency market in India may have forced major industry players to diversify their business.
And now, Koinex, a leading crypto exchange platform is looking at diversifying its business and focus to invest in blockchain technology, an innovation that will significantly bring some significant solutions to a number of the technical issues threatening the virtual economy.
In press release on December 4, 2018, Koinex, speaking through its founder, Rahul Raj, said it will diversify its business models to address some issues plaguing the industry.
The company is exploring various channels like venturing into distributed ledger technology in the IT hub in India in order to bring innovative solutions to various industries besides the crypto industry.
It is optimistic that putting capital into building a blockchain infrastructure is a strategy to develop solutions that address a number of the challenges merchants, investors and participants face in the digital assets space.
The solution will reduce issues such as data fraud, lack of transparency, and insecurity of personal data and confidential information.
Besides, the solutions will also impact concerns about slow speed of transactions, data meddling, exorbitant transaction fees, and the most importantly the middleman interferences and shortchange.
“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,” Raj says while speaking with the Hindu Business Line.
The statement also hinted that plans are in works by the company to open up a development center in Bangalore, India's high-tech industry capital.
Raj further added that the firm would make available for actors and players in the crypto market, blockchain-powered infrastructure apparatuses that would enhance the productivity of developers and designers.
These infrastructures, Raj said, could be deployed to put up viable and high-power decentralized applications that are capable of selling themselves to the masses.
Koinex is reportedly planning to earmark around $1 million for the blockchain project, with an ambitious milestone of 2019 set for its completion.
A part of what the project will entail is conducting hackathons, DevCons, and meet-ups to understand and integrate all the key components that will make the technology highly sought after.
However, despite the huge potential investment in blockchain technology, Koinex Exchange remains committed to stay relevant and vibrant in the trading market.
As the pioneer and core proponent of multi-cryptocurrency system India, Koinex’s activities in the exchange market has witnessed some slack, but the company is certain that in the midst of all this, they have a huge prospect to bounce back.