Cryptocurrency investment platform Koinbasket aims to clock a gross revenue of one million dollar in FY23, Khaleelulla Baig, co-founder, Koinbasket, told FE Digital Currency. The platform which went live in March, 2022 claims to have limited users. “We expect the platform to have a minimum growth rate of 10 times for FY23,” Baig said.
According to Baig, the platform closed a pre-seed financing round of two million dollars in May. “The round was led by investors such as Sandeep Nailwal, co-founder, Polygon; Omar Rahim, former director, Binance; Navin Gupta, managing director, Ripple; Omar Rahim, former director, Binance; Kunal Shah, founder, CRED; Ajeet Khurana and venture capital (VC) firm Kube VC,” he added.
The platform claims to charge a brokerage fee of 30-50% on the revenue that is generated by cryptocurrency exchanges which avail its services, depending on the volume of the trade. “Our subscription based revenue model provides the service of premium cryptocurrency baskets, where users can keep and manage their digital currencies,” Baig said. The platform claims to have tied-up with three exchanges. “We have a tie-up with an exchange from Southeast Asia and another exchange from Germany, besides Coinbase. We have also been in conversation with cryptocurrency exchange Binance,” Baig said. As per the firm, the collaboration with Coinbase allows US based cryptocurrency investors to invest in Koinbasket.
Going forward, the platform has plans to onboard expert cryptocurrency fund managers where they would be charged for publishing their cryptocurrency baskets. “We also plan to introduce the services of staking, lending and insuring cryptocurrency portfolios in the next couple of years,” Baig stated. Under staking, users earn rewards for holding certain cryptocurrencies.
Currently, the platform is registered in Singapore but its core team resides in Bengaluru. “The platform avails the services of coworking spaces provider WeWork. A hybrid mode of working is followed in which employees work three days physically and the rest from home,” Baig explained.
