The Web3 industry has faced tough times globally in 2022 and 2023, but its potential to revolutionize the economy and society is still strong. For instance, Web3 adoption has increased worldwide, driven by a growing number of cryptocurrency users. A 2024 report by Triple-A estimates that 6.8% of the global population, or over 560 million people, now own cryptocurrencies.
The UAE leads with 25.3% of its population owning crypto, followed by Singapore at 24.4%, and Turkey at 19.3%. In comparison, Germany has 8.3% and India 8.2% crypto ownership.
However, the Web3 ecosystem is highly unpredictable. Despite stringent crypto regulations, India ranked first in on-chain adoption in 2023, according to Chainalysis’ crypto adoption index. In fact, India is also home to more than 1,000 startups, with Bangalore serving as the primary hub.
We at Crypto India Magazine want to play a crucial role in further elevating the Web3 ecosystem in the country. To that end, we are launching “Startup Of The Week,” a new segment dedicated to showcasing innovative Web3 startups across the country and beyond. Each week, we’ll feature a promising company that’s making waves in this dynamic space.
By putting these startups in the spotlight, we aim to connect innovators, attract investors, and spark conversations that will propel our nation to the forefront of the global Web3 landscape.
This week, we are featuring KoinBX, an Indian crypto exchange that’s fully registered with the Financial Intelligence Unit (FIU) and is making quite the buzz.
Introducing KoinBX
Founded in 2019 by Saravanan Pandian, KoinBX is on a mission to democratize cryptocurrency trading, offering a secure and user-friendly experience for both novice and seasoned traders. Additionally, it has over 1.5 million users, more than 150 cryptocurrencies listed, more than 250 active pairs, and has traded over $37 Billion so far.
What sets KoinBX apart? For starters, it provides round-the-clock customer support in seven regional languages, a feature that truly resonates with India’s diverse user base. The exchange also prides itself on easy deposits and withdrawals, coupled with top-tier security measures to protect user assets.
KoinBX’s centralized model integrates multiple security protocols, addressing common concerns faced by traditional crypto traders. Its efficient auto-matching engine ensures well-timed order execution in a highly liquid market. By enabling direct trading with INR, KoinBX not only simplifies the process but also taps into the growing liquidity of the Indian market.
Additionally, the platform’s vision extends beyond mere transactions. KoinBX aims to provide equal opportunities in the emerging decentralized crypto-economy, focusing on quality, security, and accessibility. Their core values revolve around integrity and simplicity, with a clear goal: to help users evolve from amateur traders to crypto stalwarts.
In Conversation with Saravanan Pandian
To gain deeper insights into KoinBX, we had the opportunity to speak with Saravana Pandian, the chief at the helm of the company. Pandian offered a unique perspective on the organization’s mission and its place in the evolving landscape of digital finance.
CIM: The crypto market has faced significant volatility and regulatory challenges in recent years. How does KoinBX navigate these uncertain waters, and what strategies do you employ to ensure long-term sustainability?
Pandian: At KoinBX, we understand and navigate through the inherent volatility and evolving regulatory landscape of the cryptocurrency market through a blend of robust risk management, proactive compliance, and strategic innovation.
Our commitment to regulatory engagement is paramount, with our compliance teams ensuring that we meet and exceed all regulatory requirements in every region we operate. This proactive approach allows us to adapt swiftly to new regulations, securing our operations and protecting our users’ assets.
Additionally, we are deeply committed to user education, empowering our community to make informed decisions in a rapidly changing market. Our long-term vision focuses on building a resilient foundation that can withstand short-term fluctuations, ensuring KoinBX’s growth and sustainability in the years to come.
Through these strategies, we are well-positioned to thrive amid the uncertainties of the crypto market and continue delivering value to our users globally.
CIM: KoinBX talks about making crypto trading accessible to everyone. That’s a big goal! Can you share specific features that help newcomers get started while keeping things interesting for the crypto veterans?
Pandian: At KoinBX, we’ve developed features tailored for newcomers. For beginners, our platform offers an intuitive user interface, educational resources, and step-by-step guides to help them navigate the crypto space with confidence.
Additionally, our platform supports a diverse range of crypto assets, ensuring that new users can find opportunities that match their interests. This balanced approach ensures that everyone can engage meaningfully with the crypto market on KoinBX.
CIM: What emerging trends or technologies in Web3 and blockchain excite you the most, and how is KoinBX preparing to leverage them for the future of crypto exchanges?
Pandian: One of the most promising trends is the rise of decentralized finance (DeFi) and decentralized exchanges (DEXs), which are democratizing access to financial services and enabling peer-to-peer trading without intermediaries.
This shift towards decentralization is likely to redefine how exchanges operate, pushing the boundaries of transparency and user control. Additionally, the growing emphasis on privacy and security in blockchain protocols is set to make crypto exchanges more secure and user-centric, addressing concerns that have historically blocked broader adoption.
CIM: Where do you see KoinBX five years from now? Are there any exciting developments or expansions on the horizon that you can give us a sneak peek into?
Pandian: Five years from now, we envision KoinBX as a leading global crypto exchange, deeply integrated into the evolving landscape of DeFi and Web3 technologies.
Our goal is not only to expand our user base across new regions but also to pioneer innovative products and services that cater to both retail and institutional investors.
We are also focusing on expanding our presence in emerging markets, particularly in regions where crypto adoption is on the rise. This includes launching localized versions of our platform, with tailored features and support for various fiat currencies for different regions.
Disclaimer: Cryptocurrency trading involves risk and may not be suitable for all investors. The information provided in this article is for educational and informational purposes only and should not be construed as financial advice. Crypto India Magazine does not endorse or recommend any particular investment strategy or cryptocurrency. We do not hold any responsibility for financial decisions made based on this information.
