Koinex ventures into Blockchain with new development centre in Bengaluru

Digital assets exchange firm Koinex on Tuesday announced its foray into the Blockchain solutions with the opening of a new development centre in Bengaluru.

The development centre will build various platforms with agnostic blockchain solutions that will solve issues related to finance, payments, security, and banking operations on a global scale.

Mumbai-based Koinex is currently the largest digital assets exchange in the country with over 5 lakh registered users, the company said in a statement.

"Digital assets exchanges are at the epicentre of all blockchain related development today. Having built India`s first and largest exchange, it gives us the confidence to now diversify our product offerings," said Rahul Raj, Co-Founder and CEO, Koinex.

"We`re focused on building the next-gen FinTech solutions for the emerging digital world. We`re also venturing into building first and second layer Blockchain infrastructure tools as part of our R&D initiatives," he added.

The solutions Koinex is developing range from addressing existing challenges of data fraud to lack of transparency and privacy concerns that will leverage Blockchain technology to fight issues like data tampering, high transactional fees and middleman interferences, the company said in a statement.

Koinex is backed up by Beenext (Singapore) and Pantera Capital (San Francisco), the largest Blockchain focused venture capital firm in the world.

The company has developed an in-house trade engine that can process over one million orders per second.