In January, a couple of years after he started Rhapsody, Kunal Bahl started a cryptocurrency startup called Bittrex.
Since then, the startup has grown into a $5 billion business.
Bhalgav, the founder of the company, told TechCrunch that it’s not unusual for cryptocurrencies to become big in the first year or two after they’re introduced.
“It depends on the company and the ecosystem,” Bhalgav said.
“You can have a startup with 500 people, and it will take six months or a year to get up to $2 million.”
Bhagalav’s startup, called BitShares, was initially founded as a bitcoin-based investment company in 2015, but it quickly pivoted into a decentralized cryptocurrency platform, with plans to expand to more than 30 countries and more than 100 cryptocurrencies.
“I didn’t expect to be in a billion dollar business,” Bahl told Tech Crunch.
“But I think that’s how cryptocurrencies are created.”
While he doesn’t know the exact number of cryptocurrencies on Bittex, Bahl said that he estimates there are anywhere from 20 to 30 billion in circulation today.
The company has sold more than $2 billion worth of tokens, which include ether, ether cash, and ripples, as well as a few other cryptocurrencies.
Bhalla is also the CEO of BitShares and is one of the cofounders of Rhapsods blockchain-based digital currency, BitShares.
He said that the company’s goal is to be a catalyst for digital currency adoption, as it is an open platform for decentralized financial transactions and provides a secure way for people to create, share, and trade digital assets.
Bhattas own a small percentage of Bit Shares and does not own a large stake in the company.
However, Bahls family owns a 25% stake in BitShares as well, as does Bahl’s wife, and Bhalgans son.
Bhattas said that BitShares is focused on a few specific cryptocurrencies and that the startup is looking to diversify into other sectors.
While the company is focused only on digital assets, Bahlis said that it is also focused on building a secure and secure digital infrastructure that can handle the growing demand for cryptocurrency payments.
“We are trying to make sure that the network is built to be secure and reliable,” Bahls said.
“We’re also trying to develop new business models,” Bahlis added.
“The first thing we’re trying to do is to get a business model for the business model that people are looking for.”
Bhalla said that Rhapsodies core competency is providing a secure, private, and easy to use platform to facilitate the use of cryptocurrencies.
For example, Rhapsodys decentralized payment gateway, BitGo, has been used by the likes of Spotify, Airbnb, and Airbnb, among others.
Bhals own BitGo also recently added a crypto-payments platform called CryptoPay that lets users buy bitcoin and ether, as part of a partnership with Coinbase.
Bhaalis team has also been working on a decentralized currency platform called CoinTale, which aims to simplify the exchange of digital currencies and other financial instruments.
While BitShares has been a success, it has also had its share of challenges.
In 2017, the company experienced a hack that left hundreds of millions of dollars worth of ether in the hands of a hacker.
Bahl described the hack as a “big blow” to Rhapsos development.
The hack led to the resignation of the CEO and the closure of the Rhapsotix platform, but Bahl believes that the situation has since improved.
Bhasas team is now focused on finding solutions to the issues surrounding the hack, including getting BitShares to work with a new decentralized exchange platform called Poloniex.
“It’s an interesting situation because Polonies current platform is the same one that we used in the past,” Bahlfas said.
Bahls team has recently been working to get BitShares on Poloniox, which is the platform that Polonion used to facilitate ether transfers and exchange in the US.
Bahlis also hopes that Polo will be able to provide a stable and secure platform for the use and sale of cryptocurrencies in the future.
In the future, Bahalis plans to build a platform for crypto assets to be used in a number of industries.
“One of the first things we’re looking at is the industry that we are going to work in,” Bahll said.
Bhella also sees the future of cryptocurrencies as being in digital payments, with digital tokens such as ether being a major component of that ecosystem.
He also said that crypto assets are being used to create a new generation of secure, low-cost digital payments and other services, which are a natural extension of Bittx’s business model.
“This is something that has never been done before