Cryptocurrency
Winklevoss Capital joins $5M seed round for crypto tax reporting platform TaxBit
As reported by The Block, “Winklevoss Capital, the venture firm led by crypto exchange Gemini co-founders Cameron and Tyler Winklevoss, has joined a $5 million seed funding round for tax reporting platform TaxBit. “The round also saw participation from Dragonfly Capital Partners, Collaborative Fund, TTV Capital and Valar Ventures, among others, according to an announcement published […]
As reported by The Block, “Winklevoss Capital, the venture firm led by crypto exchange Gemini co-founders Cameron and Tyler Winklevoss, has joined a $5 million seed funding round for tax reporting platform TaxBit.
“The round also saw participation from Dragonfly Capital Partners, Collaborative Fund, TTV Capital and Valar Ventures, among others, according to an announcement published Monday.
“TaxBit, which helps automate cryptocurrency tax calculations and reporting for individuals and businesses, looks to utilize the fresh capital to grow its software platform and customer base, both in the U.S. and internationally in countries like Canada, the U.K., and Australia.
“’Navigating cryptocurrency tax laws is a byzantine process,’ said Sterling Witzke, a partner at Winklevoss Capital. ‘TaxBit’s technology eliminates this confusion and complexity by allowing crypto owners to seamlessly understand the full picture of their tax liability through an intuitive and easy-to-use platform.’
“An estimated 17 million Americans are currently trading in cryptocurrencies, TaxBit co-founder and CEO Austin Woodward, told Deseret News. ‘There’s been a misconception that crypto was untraceable and a vehicle for hiding income or evading taxes … which really is not the case,’ he said…”