Founded by Puneet Agarwal, KoinX helps retail crypto investors automate their taxes by integrating their portfolios and transactions with one platform and providing a consolidated dashboard. It has partnered with crypto exchanges like CoinDCX, Binancewald and wazirx,
“The core value of KoinX lies in the simplicity and ease of use for our consumers. We wanted to create something that had ease of access and integration so that crypto investors could solve their tax-related issues in an instant. On a secure protocol Manufactured, we ensure that the identity and other information of our users 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 the user’s pain points And meticulously taken care of to minimize those pain points in a typical user journey,” said Puneet Agarwal, Founder, CoinX.
The startup will use the funds to scale up its operations and reach over half a million crypto investors by the second quarter of this financial year.
India’s new 30% tax on crypto profits came into effect from 1st April, and 1% Tax Deduction at Source (TDS) on all crypto transactions on 1st July. On both the occasions, trading volumes on Indian exchanges fell within days,
we reported earlier,