At a time when crypto companies and talent are relocating to Dubai, this Indian company is doubling down on its efforts with a new investment venture
- CoinDCX, one of the largest Indian cryptocurrency companies, has announced a new initiative to identify and invest in crypto and blockchain startups in India.
- The crypto company has kickstarted its investment arm with initial funding of ₹100 crore.
- This comes even as some crypto companies and personalities have relocated from India to Dubai as the Indian government’s crypto tax points to an adversarial tax regime.
AdvertisementCoinDCX, one of the largest cryptocurrency companies in India, has announced the launch of a new investment arm called
The Indian government’s relatively adversarial attitude towards the world of cryptocurrencies has sparked concerns about the decline in transactions and spooking traders and investors alike.
However, CoinDCX has doubled down on its India efforts with the launch of its investment arm, CoinDCX Ventures, as it seeks to grow the web3 ecosystem in the country.
Making the announcement, the company said it has set aside ₹100 crore – all of which has been raised from its own funds – as the initial funding for CoinDCX Ventures. It also noted that it has already invested in seven startups and has 90% of the funds waiting to be deployed.
“This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation,” said Sumit Gupta, co-founder and chief executive officer of CoinDCX.
The company has appointed Rohit Jain as the head of ventures and investments to lead the CoinDCX Ventures project. Rohit has worked with Myntra and McKinsey in the past apart from founding startups.
The Indian government hasn’t been kind to crypto
Earlier, during the budget unveiling this year, finance minister Nirmala Sitharaman announced two crypto taxes – a 1% TDS on all crypto transactions, and a 30% tax on income from all ‘virtual digital assets’.
Now, there are reports that the government is mulling expanding crypto tax beyond TDS and Income Tax to now include a 28% Goods and Services Tax (GST) – the highest tax slab under the GST regime.
This comes long after the Indian government’s indecisiveness about legalizing cryptocurrencies in the country. It is worth noting that despite the multiple crypto taxes, cryptocurrencies still don’t have legal status in India.
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