KoinX raises $1.5M to build unified crypto tax platform for Web3 transactions

By Prathiksha BU
July 05, 2022, Updated on : Tue Jul 05 2022 10:54:51 GMT+0000
KoinX raises $1.5M to build unified crypto tax platform for Web3 transactions
The platform has integrated with crypto exchanges including CoinDCX, Binance, WazirX, Vauld, BitBNS, CoinSwitch, and Kuber to automate the calculation of tax implications of crypto users
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Indian crypto tax startup KoinX on Tuesday announced that it closed its seed round with a $1.5 million fundraise led by iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, and We Founders Circle.


Other investors including Netflix, Bain Capital, Robinhood, Ripple, Amazon, Freshworks, and OYO also participated in the seed round.


The startup plans to use the fresh capital to automate taxes of crypto retail investors and scale-up operations across India.


KoinX was founded by Web3 and blockchain enthusiast Punit Agarwal in 2022 to build a unified crypto taxation platform. It enables investors to automate their crypto taxations by combining investor portfolios and transactions on a single, unified platform with centralised dashboards.

crypto

KoinX closed its seed funding round after raising $1.5 million to automate taxes of crypto retail investors.

Punit, Founder of KoinX, told The Decrypting Story,


"There are a variety of transactions that exist on Web3—right from crypto trading, buying and selling of NFTs (Non-Fungible Tokens), staking crypto to earn interest, and a lot more. An individual user usually performs these transactions across a range of platforms."

He added, "To solve crypto taxation, there needs to be a singular, third-party platform where a user's transactions—spanning a diverse set of platforms—are captured and used to generate a common crypto tax report. This is what we are building at KoinX."

The platform has integrated with crypto exchanges including CoinDCX, Binance, WazirX, Vauld, BitBNS, CoinSwitch, and Kuber to automate the calculation of tax implications of crypto users.


The startup is also backed by Sandeep Nailwal (Co-founder, Polygon), Ajeet Khurana (ex-CEO, Zebpay), Navin Gupta (MD, Ripple), Utsav Somani (Partner, AngelList), and others.


The funding comes at a time when RBI has proposed a 30 percent tax on digital assets, and an additional 1 percent TDS, which has left several crypto investors in search of clarity over how to handle the complexities.


Edited by Kanishk Singh

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