Koinex Merges with CoinDCX to Simplify Transition of Existing Users to the Latter's platform In 2019, Koinex shut down its operations due to various business and regulatory reasons
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On Tuesday, CoinDCX, an Indian VDA exchange, announced it had signed an MoU with Koinex, a 2019-defunct crypto exchange. The strategic move will see Koinex's existing one lakh users make a transition to the CoinDCX platform.
"This step aligns with CoinDCX's vision of nurturing a thriving, secure, and transparent VDA ecosystem in India. We believe in Web3, and our commitment to supporting the ecosystem goes beyond this partnership. At CoinDCX, we strive to undertake initiatives that benefit the Web3 community. Our unwavering dedication continues into the future, as we aim to empower our community and unlock the potential of a decentralized future for all," shared Sumit Gupta, Co-founder, CoinDCX.
In 2019, Koinex shut down its operations due to various business and regulatory reasons.
"Koinex, once the largest and favored digital assets exchange, faced an unfortunate closure. During the shutdown process, we provided a reasonable window for users to withdraw their assets. For those users unable to do so, this is the best opportunity to associate with a reputable and compliant exchange like CoinDCX. I am grateful to CoinDCX, and I am sure our users will now benefit from this collaborative endeavor," said Aditya Naik, Founder, Koinex.
Over its course, Koinex raised USD1.66M over four rounds from 11 investors. Last month, CoinDCX notified of its investment in the deadpooled startup through its venture arm, CoinDCX Ventures.
According to an official statement, for customers who already have a CoinDCX account with the same KYC, the transition will be automatic, while other Koinex users will be required to go through CoinDCX's established KYC (Know Your Customer) and onboarding to get access to their assets.
With this move, Sumit-Neeraj's venture aims to restore public trust in crypto trading platforms and reiterate its position as a leading Indian exchange.
