Koinex has announced plans to join the Blockchain bandwagon. The leading cryptocurrency exchange in India has been forced to consider alternative streams of income by the uncertain crypto climate in the country.
During a press release on December 4, the company its founder Rahul Raj expressed interest in Blockchain, the technology that supports cryptocurrency. India is not yet receptive to cryptocurrencies and ICOs. Recently the nation’s Supreme Court maintained that the infamous ICOs ban was still effective and it is not clear whether the country will reverse the decision. Also sometime in October, Indian police confiscated the first cryptocurrecy ATMs in the country belonging to Unocoin-one of the leading exchanges and arresting its co-founder.
Potential in Blockchain Technology
With such kind of harsh working conditions and the current cryptocurrency market crash, Koinex is resorting to Blockchain solutions to stay afloat in the increasingly competitive space. Koinex will be exploring Blockchain solutions for diverse sectors. The company seeks to deploy Blockchain solutions to address issues relating to transparency, payment transaction speed and cost, safeguarding data integrity and curbing middlemen interference.
Blockchain solutions have been deployed by businesses and nations to solve the aforementioned problems and Koinex wants to be among the pioneers in India. The nations of China and the U.S are already in a tight race to be the global leaders in Blockchain and Artificial intelligence technologies.
On its part, although South Korea is not fully receptive to cryptos, the Asian tiger is interested in deploying Blockchain solutions to different sectors of its economy.
Like Rahul Raj envisions, “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.”
Together with tripling its workforce in 2019, Koimex is planning to invest a million dollars towards building a world-class Blockchain ecosystem. The investment will go into conducting Hackathons, DevCons among several other Blockchain-focused activities.
Despite the diversification into Blockchain technology, Koinex will retail its ailing exchange platform in anticipation of a better future.