TaxBit, the cryptocurrency taxation and accounting automation software provider, announced that it has raised $100 million in the Series A funding round for global expansion. The recent funding round was led by Paradigm and Tiger Global.
According to the official announcement, TaxBit is planning to invest funds in the company’s enterprise tools. During an interview with Forbes, Austin Woodward, CEO of TaxBit said that the United Kingdom is at the top of our list for global expansion.
The US-based cryptocurrency startup mentioned that PayPal Ventures, Coinbase Ventures, Winklevoss Capital, Bill Ackman, Qualtrics Chairman Ryan Smith, Anthony Pompliano, former Venmo COO Michael Vaughan, Galaxy Digital and several other investors also participated in the latest funding round.
Commenting on the recent funding announcement, Austin Woodward, CEO of TaxBit, said: “The past 12-months at TaxBit have been monumental, as our products are removing some of the largest roadblocks of this emerging asset class. With the support of Paradigm, Tiger Global, and many other amazing investors, we are excited to continue to scale world-class tax and accounting products so that cryptocurrency can continue to thrive among enterprises, consumers and governments.”
Launched in 2018, the platform of TaxBit automates all aspects of cryptocurrency tax compliance for enterprises, consumers and governments. The company added that its platform has produced and helped customers file over one million sets of tax forms across the market verticals it serves. TaxBit is currently developing an enterprise resource planning (ERP) solution that will be launched later in 2021.
“The rise of cryptocurrency poses new tax and accounting challenges for individuals, businesses and governments alike. We believe TaxBit has built the best-in-class solution and are thrilled to be partnering with Austin Woodward and the rest of the TaxBit team,” Matt Huang Co-founder at Paradigm mentioned in the official announcement.
Furthermore, the company highlighted the significant growth of cryptocurrency assets in the last few months due to the involvement of retail investors, asset managers and corporations.