KoinX Raises $1.5 Million In Seed Funding
The company claims that it aims to scale up the operations across India to serve more than 5,00,000 crypto investors by Q2, 2022
KoinX, a crypto tax platform backed by the Sandeep Nailwal (Polygon), Ajeet Khurana (ex-Zebpay), Navin Gupta (Ripple), Utsav Somani (AngelList) and other industry leaders, has raised $1.5 million in Seed funding from VCs like iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, WeFounders Circle. The round also witnessed participation of several business leaders from Netflix, Bain Capital, Robinhood, Amazon etc.
"The core value of KoinX is in the simplicity and ease of usage for our consumers. We wanted to build something that has ease of access and integration so that crypto investors can solve their tax related issues in a jiffy. Built on secure protocols, 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," said Punit Agarwal, founder, KoinX.
KoinX 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. The company aims to scale up the operations across India to serve more than 5,00,000 crypto investors by Q2, 2022, claimed by the company in a statement.
Founded by Punit Agarwal in 2022, KoinX is an automated crypto taxation platform. As per reports, currently about 2 crore of India's population is invested in cryptocurrencies and Indians hold over $5.3 billion worth of currencies. With the announcement of 30 per cent tax on digital assets, Indian investors are curious to find ways of evaluating their taxes in a seamless way, where KoinX comes in handy.