CoinDCX to Invest in KoinX for Streamlining Cryptocurrency Tax Compliance

• ByStartupStory     |    January 16, 2024

Cryptocurrency exchange CoinDCX has revealed plans to invest in and collaborate with KoinX, an automated crypto taxation platform catering to Indian investors. The partnership signifies a strategic move by CoinDCX, emphasizing its commitment to providing a secure and seamless crypto trading experience for its users. This development follows CoinDCX’s prior integration efforts, with the investment being facilitated through its dedicated arm, CoinDCX Ventures.

Rohit Jain, Managing Director of CoinDCX Ventures, outlined the company’s strategic direction, stating, “We plan to focus on supporting Web3.0 startups to build and scale their companies. Our team plans to bring knowledge and experience, guiding these startups towards developing PMF and gaining access to a broader ecosystem.”

The collaboration aims to go beyond financial investment, incorporating insights into product development with a keen focus on customer-centric solutions. The partnership is anticipated to leverage CoinDCX’s substantial user base, exceeding 1.4 Crore, to enhance KoinX’s visibility through aligned marketing efforts.

Punit Agarwal, Founder of KoinX, highlighted the collaborative effort’s objective, saying, “In line with CoinDCX’s plan to ensure a compliant crypto trading journey, we plan to offer a one-click solution within the app. This feature allows users to calculate and file their taxes easily.”

As the crypto industry continues to evolve, the one-click tax solution within the CoinDCX app aims to simplify the often complex process of calculating and filing taxes for cryptocurrency transactions. 

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