KoinOK is a Delhi based startup which was started by Vibhay Sachan, Vivek Agarwal and Manish Atri.
Give a brief info about your startup?
KoinOK is a cryptocurrency exchange platform which facilitates users to trade in Ether, Ripple, Neo and other popular cryptocurrencies by following an open order book system. KoinOK will also let users invest in index tokens which will help in maintaining a much diverse portfolio protecting users from the high volatility of the cryptocurrency market.
Products which involves a significant amount of money have to solve the most fundamental problem which is TRUST. Users should believe in the product and team that their money is safe on the platform. KoinOK have invested heavily in the platform security and support teams to provide users a peace of mind and focus on trading; leaving everything else to team KoinOK.
KoinOK officially launched on 2nd Feb 2018 and has been able to get good response from the users. Soon we will be launching our Referral program with onboarding of new currencies.
What made you start your startup and what problem does it solve?
During mid-2017 when Vivek and I came to know about Ether, a popular cryptocurrency which powers the Ethereum blockchain network. After reading for a few days about the vision and product roadmap, we were sure about the project success and decided to invest in Ether. But at that time, there was only one platform providing ethers against INR, but due to their inefficient systems, KYC process used to take between 3-4 weeks. As we had very little hope in their product, we decided to try out the international exchanges. For that, we had 3 options to try out,
- Give high commission (3-8%) on platforms allowing card-based payments
- Buy Bitcoins through one of the Indian exchanges, then transfer it to the international exchange platform and buy Ether against the Bitcoins
- Use swift payments to deposit dollars or euros into our exchange account and purchase Ether
Besides this, there was always a fear of losing out money due to minimal support available on these exchanges and no direct contact with the authorities included. All of the above methods required a high cost in either money or time and needed some knowledge of payment systems which we felt would be very difficult for normal investors who are not that much aware of the technology. Reading through the public forums, social media groups, we got to hear similar experiences and concerns and also showed us that there was huge interest among Indian users to invest in cryptocurrency.
Where is your startup based out of? Why do you think that is the best place for you?
Team KoinOK is based out of New Delhi. All the team members are based out in Delhi itself so it is better to operate.
Tell us more about your industry and competition (will be great if you can share certain market trends with numbers)
At present everyone is more focused towards cryptocurrency exchanges but apart from this our vision is to take blockchain technology into other technical fields with the help of our blockchain experts. There are an estimated 40 tech startups operating in India that are using blockchain technology.
Well there are some established players like Zebpay, Coinsecure and some recent startups like Koinex, Coindelta which have been able to grab a good share of traffic in last 2-3 months.
Have you raised funding? If yes, then we would like to know the details. If no then please tell us if you are looking to raise.
Yes, we raised our initial round from the first-degree network. (Undisclosed amount)
Yeah, we are interested in a seed-funding round of around 1 Cr INR. This fund will be utilized for office space, team expansion and marketing purposes.
Tell us about yourself, your previous jobs/ventures? What were you doing before this startup?
The founding team has highly skilled and experienced entrepreneurs who have worked across a diverse set of industries with 15+ years of experience.
Vibhay Sachan is the founder of KoinOK, he has completed his B.Tech in Computer Science and has worked as a senior software engineer in a Delhi based Food SaaS Startup.
Vivek Agarwal is an IIT Delhi alumnus, 2012 batch; and Manish Atri is an IIIT Allahabad alumnus, 2013 batch. While Vibhay and Manish are looking the technology part, Vivek is looking after the product development focusing on marketing and growth.
What gets you excited about this company?
The best thing about our startup is KoinOK Team, all of us have been very fortunate to be in the company of each other. Then there is the love for Blockchain Technology and Crypto- currencies. It is this love for our service that keeps us going and very optimistic of the road ahead.
Tell us about your team and how did you meet each other?
Me and Vivek worked closely on multiple products for 2 years at LimeTray (Delhi based Food SaaS Startup). Manish is a good friend of my tech lead at LimeTray, so he introduced us to him. As we are growing, we are looking to hire more people in the tech domain.