TaxBit, which offers cryptocurrency tax and accounting automation software, announced today a $100 million Series A funding round led by Paradigm and Tiger Global with additional participation from PayPal Ventures, Coinbase Ventures, Winklevoss Capital, investor Bill Ackman, Qualtrics co-founder, and chairman Ryan Smith, Anthony Pompliano, former Venmo COO Michael Vaughan, Galaxy Digital, Valar Ventures, Collaborative, Global Founders Capital, Album Ventures, TTV Capital, Original Capital, and more.
Launched in 2018, TaxBit’s platform automates all aspects of cryptocurrency tax compliance for enterprises, consumers, and governments. TaxBit’s platform has produced and helped customers file over one million sets of tax forms across the market verticals it serves.
Tax compliance isn’t the only focal point of the company. Working hand-in-hand with several of the leading cryptocurrency platforms, TaxBit is also developing the industry’s first Big Four & SEC grade accounting ERP solution that will publicly launch later this year, along with plans for international expansion in 2021.
“At TaxBit, we believe that one of the greatest financial innovations and disruptions of the last century, cryptocurrency, should not be weighed down by the complexities of tax and accounting. 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.”
– Austin Woodward, TaxBit CEO