India based Crypto Tax Startup KoinX has acquired Crypto Kanoon one of the popular India based Crypto legal awareness and analytics platform for an undisclosed amount.
Founded by advocate Mohammad Danish and Kashif Raza back in 2018, Crypto Kanoon led many educative initiatives, videos on legal analysis and breaking down important regulatory updates, presented by Kashif Raza on their youtube channel and twitter handle.
Along with Coin Crunch, Crypto Kanoon has made a series of videos on tax on crypto in the past with several prominent chartered accountants and legal advisors in India.
Crypto Kanoon played a pivotal role in keeping the crypto community abreast with the latest developments in the RBI Vs Crypto case from 2018 to 2020.
While the platform amassed a huge following over the period, they went dormant for over 8 months in the recent past as there was “very little to cover” once exchanges won against RBI in March 2020. On June 20, 2022, Crypto Kanoon tweeted, “They are back”, leading upto the official announcement of the acquisition over a Twitter Space this Tuesday.
KoinX will be leveraging the crypto kanoon community to gain customers for their crypto tax solution. Crypto Kanoon currently has over 85000 followers on Twitter, the founder Kashif Raza boasts over 92k follower on the micro blogging site. Combined, this could be a great start for KoinX in acquiring customers as Indian Tax season heats up. The last day to file an income tax return is July 31, 2022 which will very likely be extended.
“This partnership will position KoinX as the leader in the Crypto Tax space, as we would be having active community participants who are also our potential customers”, said KoinX in a press release shared with Coin Crunch. Punit Agarwal led KoinX has raised $1.5 million in seed funding from Polygon founder Sandeep Nailwal, iSeed Fund, KubeVC and other angel investors.
The waitlist for sign up on KoinX is live on the website.
The Indian Crypto trading is shrinking as the new tax rules become effective, however KoinX is well positioned to solve tax woes for FY 2021-22 which is the priority.
Disclaimer: Founder of Coin Crunch – Naimish Sanghvi is an advisor on KoinX