KoinX, a crypto tax platform, has raised $1.5 million in seed funding round from iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, and WeFounders Circle.
The round also witnessed participation of several business leaders from Netflix, Bain Capital, Robinhood, Amazon, etc.
KoinX intends to scale up operations across India to serve over 5,00,000 crypto investors by Q2 2022. It is backed by Sandeep Nailwal (Polygon), Ajeet Khurana (ex-Zebpay), Navin Gupta (Ripple), Utsav Somani (AngelList) among other industry leaders.
Punit Agarwal, Founder, KoinX, said, “built on secure protocols, we ensure that our users’ identities and other information are protected through advanced encryption techniques. We are a proud Made in India product by very talented engineers and industry experts who have carefully understood user pain points and taken meticulous care to alleviate those pain points in a typical user journey.”
This comes on the heels of the RBI’s announcement about 30 per cent tax on digital assets along with an additional 1 per cent Tax Deducted at Source (TDS). The platform lets crypto investors automate their taxation by integrating their portfolio and transactions on a single unified platform with a consolidated dashboard.
The platform has already integrated with crypto exchanges like CoinDCX, Binance, WazirX, Vauld, BitBNS, CoinSwitch and Kuber to automate the calculation of tax implications of crypto users.