Koinex: Fuelling a Blockchain Powered Internet in India

Rahul Raj, Aditya Naik & Rakesh Yadav,Co-FoundersIn August 2017, Koinex – India’s most advanced digital assets exchange was launched, and it was the first peer-to-peer multicurrency exchange with an open-book format, to operate in the country. While the crypto-market was mushrooming in India, the trading community here lacked a competitive platform that matched the quality and best practices of global exchanges. So three young enterprising minds teamed up to address this gap, and built Koinex which is at par to global exchange models. This platform transformed the entire scenario altogether, because now people here could access and trade in multiple tokens like Litecoin, Bitcoin, Ethereum and Ripple at the start, subsequently more coins got added like Golem, Neo, Omisego, and Gas, among others. Interestingly, within the first 12 hours of its launch, the Koinex server was jam-packed with more than 200,000+ users. It was a stupendous moment for the team, as Rahul Raj, Co-Founder & CEO, recollects, “We managed to make an emphatic entry into the market purely based on a differentiated product and quality service. We did not deploy any market promotions or guerrilla tactics and yet garnered huge trade volumes, substantially higher than any other competitors in the market, even today.”

'Made in India'&'Made for India'
By July 2017, the entrepreneurial musketeers, Rahul Raj, Rakesh Yadav and Aditya Naik had already developed an alpha version of the platform and probably even they did not fathom that, they are about to set pace to the transformational story of crypto-currencies in India. The entrepreneurial journey which started in a small shared apartment located in the heart of Mumbai city by these three millennial entrepreneurs along with an intern, has today evolved into a full-fledged team consisting of 60+ members.Interestingly, the entire platform, right from the first line of program code to the overall
architecture, security features, interface and upgrades, have all been created ‘in-house”. Within a few months of its launch, Koinex became the largest digital assets exchange in the country, in trade volume. So essentially it is a ‘Make in India’ success story scripted here.

Every employee loves the amiable and friendly work environment at Koinex, where people feel responsible, interested, and valued

A typical day at Koinex office explicates the remarkable growth of the company. The entire team on the floor displays a penchant for blockchain and is abuzz to know what the latest happening on the exchange and often go beyond their bit, to help fellow colleagues. This teamwork is most visible whenever a new token is getting listed on the exchange. Often the tech-team works sleepless nights prior to the listing, to get the token integrated into the system. But members of other departments also rally along and help with any tit-bit work to be done. The excitement and anticipation of knowing that their exchange influences global markets and is a force to reckon with, in the crypto-market, beams across all the team members face.

Talking about this solidarity, Akhil James, who is a Software Engineer at Koinex says, “All the tireless hours of work to launch a token on Koinex get rewarded when we see the global markets react to our listing. The entire office is glued to the trade graph, and when it shows a peak-rise due to us, it’s a wonderful feeling to cheer that moment with all colleagues in office together. It’s an indefinable joy.”

For instance, during the recent token launch, in the span of 15 min, the team witnessed 1 million tokens being traded, and later within one hour, the number raised to 4.5 million. “We never ask our employees to stay back and work late. It’s definitely self-interest. I believe it’s for the love of blockchain technology and it is encouraging to see these young minds aligning to our vision. It brings immense joy and we always crave for moments to celebrate, have fun by achieving particular milestones,” mentions Rakesh Yadav, Co-Founder & CTO, Koinex.

In fact, every employee loves the amiable and friendly work environment at Koinex, where people feel responsible, interested and valued. Moreover, right from the start, the Founders, have always clearly defined the role for each department and actually tell each employee, how his/her work is valued for the company. So every employee knows that the effort put in is contributing to the growth of Koinex, be it the compliance department, the technical support team, or social media and marketing for that matter. This helps them consider Koinex as their own company and always contribute the best they can. Rahul Raj shares one interesting conversation he had with a team-mate from Kerala, who was working with Koinex since the early days of Koinex. Rahul asked him, if he is thinking of going to his hometown anytime soon, because, he hasn’t taken a single leave ever since he has joined the organization, and the response was, “I just don’t feel homesick at Koinex. ” Surely, Koinex is doing everything right for its team, to deserve such commitment.

The Future of Blockchain Technology is already here
In terms of user base, the platform is rapidly growing, and on an average, the company has seen 20,000+ users, since its inception. As per revenue is concerned, Koinex has doubled its revenue over a period of just one week. “It has been a very volatile market, and we are rapidly growing and expanding at a much faster pace than what we had anticipated,” avers Aditya Naik, Co-Founder & Chief Business Officer, Koinex.

“We have disrupted the entire market by becoming the single largest exchange platform in the country. And, it has been an interesting growth curve over the last 7-8 months,” added Rahul.

Koinex aims to remain ubiquitous in the space by continuously implementing minute to minute innovation on the blockchain protocols. “We are really working hard towards making this technology accessible for Indian consumers. In retrospect, just like the internet, blockchain will be the next big revolution that our country will experience. Our message is very clear, we don’t need companies in the West to come and solve our problems. Because we can build our own solution and India is the biggest market that anybody can find in the globe today,” ends Rahul, on a strong note.