With the bitcoin price on fire, anything to with cryptocurrency is bound to evoke interest. Discidium Internet Labs, which runs a multi-cryptocurrency trading platform Koinex, has raised part of its series A round of funding. Though the exact amount raised has not been disclosed yet, the investment is led by Beenext and the other investor is Pantera Capital, which has its focus on cryptocurrency.
Koinex raised an undisclosed amount in seed funding from Beenext. Floated by two IIT graduates and a third, an alumni of BITS Pilani, Koinex says it runs Indiaâ€™s first trading bourse which supports trading on multiple cryptocurrencies on a single platform. Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin are all digital currencies that can be bought and sold on Koinexâ€™ platform and the traders can withdraw, whenever they want to opt out, in Indian rupees.
The fund raising by Koinex comes at a time when the IT officials conducted a raid across India on places where they suspected Bitoin was being illegally traded, following the price of the currency hitting $17,000 and above. But there are a couple of other firms in the Bitcoin trading space which have also raised funds recently indicating that the cryptocurrency and trading in it do have a bright future.
Pantera Capital has chosen to invest in a cryptocurrency company in India for the first time. They have disclosed that they are keen on the development of cryptocurrency exchanges all over to take care of the local opportunities in trading of these digital assets. Headquartered in San Francisco, Pantera is not only the first of its kind dedicated Bitcoin invest frim from the US, but it is also reported to be one of the largest institutional owners of the cryptocurrencies.
The investment company boasts of a large base of companies it has invested in, including The Ethereum Project, Ripple Labs, Bitcoin Foundation and Bitstamp.