There has been an awakening about crypto in recent times, and the number of crypto enthusiasts and users in different parts of the world has continued to increase at an unprecedented rate. While some countries are still looking for ways to regulate the use of cryptocurrency, others have gone beyond that level and have found ways to ensure there are level playing fields for crypto stakeholders, traditional banks, and Fintech startups.
TaxBit Has Massive Raise
In a recent development, crypto startup TaxBit raised $100 million to facilitate its expansion into the European market, as the startup makes its move to expand its global presence, and thus take crypto tax compliance to new frontiers. The funds were raised and secured after a Series A round that was pioneered by Tiger Capital and Paradigm. Interestingly, the funding was backed by some notable investors both within the crypto space and outside. For instance, PayPal, Winklevoss Capital, Coinbase, etc. were among the ventures that invested in the project, and we cannot forget the investments of individuals like Anthony Pompliano, Ryan Smith, and Bill Ackman among other investors.
Crypto Demand Continues To Surge
If you have been following global crypto news, you may have noticed that there has been an increased demand for crypto and fintech services in different parts of the world, and this is coming at a time when the market cap of the crypto community has surged through $1.5 trillion. According to Michelle O’Connor, the vice president of marketing at TaxBit, “The importance of TaxBit’s tailored tax and accounting software is readily apparent”, and the profundity of the statement is evident in the rate at which cryptocurrency is being adopted by many across industries and sectors.
DeFi
The introduction of decentralized finance (DeFi) systems have also contributed to the widespread adoption of crypto-based systems, and with several DeFi/Fintech startups being developed, it is only normal that existing systems like TaxBit capitalize on the moment to expand their services to reach more crypto stakeholders.
It is amazing to see what TaxBit has been able to achieve since its inception in 2018. The platform was created as a way to bring some automation to cryptocurrency tax compliance for crypto stakeholders including governments, organizations, ventures, and crypto users.
TaxBit Future Goals
The infrastructure came as a solution to help crypto investors track the impact of tax liability on crypto exchanges that they interact with. The company intends to be an integral part of the flourishing European market, and the United Kingdom is its first port of call. Plans are being made, as the company intends to create a solution that will comply with the U.S. Securities and Exchange Commission (SEC).
The crypto space is dynamic, and it is interesting to see so many crypto-based startups popping up with different solutions in different parts of the world. DeFi and Fintech are evolving fast, and it looks like there are so many amazing solutions that will get created in the near future that will help accelerate the mainstream use of cryptocurrency for different daily purposes.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
