TaxBit: the tax automation platform for cryptocurrencies raises $ 5M

TaxBit, an American software publisher that offers a platform allowing you to easily calculate your taxation related to investment in cryptocurrency, just collected $ 5 million.

The funding round of TaxBit has attracted several large investors from the ecosystem, including Winklevoss Capital, the venture capital firm of the Winklevoss twins (owners of Gemini).

We also count the participation of TTV Capital, Dragonfly Partners, Collaborative Fund, Valar Ventures, Table Management or VC Album.

Founded in 2018 in Salt Lake City, the startup had already raised $ 750,000 and offers a tax automation solution dedicated to crypto-currencies for individuals and businesses.

“In such a regulated and complex space, TaxBit is necessary to facilitate the tax reporting of cryptocurrencies for users, merchants and platforms, ”commented Austin Woodward, CEO and founder of TaxBit.

While its platform is currently only available to United States, the start-up plans, thanks to the funds raised, to develop tools to new countries, including Canada, Australia and the United Kingdom.

“The technology of TaxBit enables cryptocurrency owners to understand their tax liability transparently through an intuitive and easy-to-use interface, ”added Sterling Witzke, partner at Winklevoss Capital.

In France, calculating the taxation of income from trading in cryptocurrencies is also quite complex, especially for users who perform many transactions during the year.