TaxBit, a developer of software for calculating taxes and automating the accounting of cryptocurrencies, has announced the closure of a $ 100 million Series A funding round.
TaxBit Just Raised $ 100 Million To Solve Cryptocurrency’s Looming Tax Problem. With Utah’s largest-ever Series A funding round in the bag, @AustinRWoodward‘s on track to build a buzzy business in the process. Thank you, @alexrkonrad for sharing our news! https://t.co/3FOslzt6k1
– TaxBit (@TaxBit) March 2, 2021
It was led by Paradigm and Tiger Global, with the participation of venture capital units PayPal and Coinbase, Winklevoss Capital of the Winklevoss brothers, Galaxy Digital cryptobank Nick Novogratz, Morgan Creek Digital co-founder Anthony Pompliano and other investors.
“This investment round comes amid cryptocurrencies reaching a $ 1.5 trillion market cap as it grows exponentially, increasing interest from retail and institutional investors, asset managers, companies looking to diversify their portfolios, and the industry’s first S-1 Bitcoin submission. -exchanges, ”the press release says.
The company stressed the importance of specialized software for the further spread of the new asset class.
According to TaxBit CEO Austin Woodward, the funding will help the firm scale its tax and accounting products and continue to expand the business globally.
The company also expects to provide an integrated ‘Big Four’ and SEC-level accounting solution by the end of 2021.
Recall that the Gemini bitcoin exchange of the Winklevoss brothers integrates the Tax Center Suite from TaxBit, which allows customers to create ready-made reports in the format required by the US Internal Revenue Service.
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