The company plans to channel the capital infusion towards scaling its technology infrastructure, further enhancing the product, and expanding the team. The cryptocurrency exchange also plans to launch its mobile application, and consequently add mobile-based users onto its platform over the next few months.
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The platform boasts cutting-edge technology that powers its wallet and platform architectures, grade-A security systems, user-centric UI/UX, in addition to several user-demanded features.
Pantera Capital is the world’s first investment firm to launch funds focused exclusively on cryptocurrencies such as Bitcoin, tokens, and other digital currencies. With Koinex, the investment firm has made its maiden investment in the Indian cryptocurrency domain.
The firm has invested in major global blockchain protocol products, including Ethereum Project, Ripple Labs, and Bitcoin Foundation, along with one of the largest global crypto-currency exchanges Bitstamp, among others.
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Cryptocurrency exchanges have been mushrooming in India since late 2014. However, besides 2-3 cryptocurrency exchanges, others haven’t been equally successful in raising sizeable amounts of funding. Now, as Bitcoin price has undergone an almost 12-fold surge, VCs are keen to invest in cryptocurrency startups based in India.
Concerns also emanate from some unscrupulous entities indulging in illicit money-pooling activities—commonly known as ponzi schemes—with the promise of huge returns from investment in bitcoins and other variants, which they claim are minted through blockchain, a distributed ledger technology that was created to mint bitcoins and comprises of extremely complex algorithms with several thousand nodes for each chain.
There is a suspicion that some so-called cryptocurrencies and bitcoin investments may actually have nothing to do with any blockchain-developed virtual currency and are just new ways devised by scamsters to ride the wave and what they may be offering could be 'e-ponzi' schemes.