Crypto taxation platform KoinX raises $1.5 million

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Crypto taxation platform KoinX on July 5 announced that it has raised $1.5 million from various venture capitalists and business leaders from the technology world.

The startup backed by crypto founders and investors such as Polygon’s Sandeep Nailwal, Ajeet Khurana (formerly with Zebpay), Navin Gupta from Ripple, and Utsav Somani of Angel List, said they were looking to scale to five lakh users by the second quarter of the current financial year.

KoinX has already integrated with the six major crypto exchanges used by Indians namely CoinDCX, Binance, WazirX, Vauld, BitBNS, and CoinSwitch Kuber.

Venture capitalists such as iSeed fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, and We Founder Circle as well as business leaders from Netflix, Bain Capital, Robinhood, Ripple, Amazon, Freshworks, and OYO participated in the funding round.

The Web3 startup, founded by crypto enthusiast Punit Agarwal, helps crypto users automate their taxations by integrating their portfolio and all their transactions on a single unified platform with a consolidated dashboard.

“The core value of KoinX lies 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,” Punit Agarwal said on the announcement of the fundraising.

Earlier, in the Budget session this year, the finance ministry had announced that Indian crypto investors will have to pay a 30 percent tax and one percent TDS (tax deducted at source) on their crypto investments.

The fundraise announcement comes after major crypto exchanges such as Vauld have suspended crypto withdrawals due to liquidity fears amidst a continual drop in the value of all major cryptocurrencies in the last few months.