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16 May 2021
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TaxBit raised $100M to solve cryptocurrency tax issues

  • TaxBit has raised $100 million in a funding round led by Paradigm and Tiger Global
  • Other ventures and millionaires had also participated in the funding round
  • The latest raised funds will be used to invest in the firm’s enterprise tool and expansion of global footprint

TaxBit, Austin Woodward’s new startup has raised $100 million in a funding round recently. Until today, the latest startup has processed more than a million tax applications. Cryptocurrency tax schemes are becoming a headache for the crypto industry. Soaring market capitalizations of cryptocurrencies like Bitcoin is getting more government involvements. Where others are speculative on the market, entrepreneur Austin Woodward offers picks and shovels.

TaxBit raised $100M to face cryptocurrency tax problems

Recently, TaxBit of Woodward has raised $100 million in a Series A capital raising round. Indeed, it is known that the total funding was raised for Utah based startups is more than $107 million. The funding round was led by Paradigm and Tiger Global. Moreover, PayPal Ventures, Winklevoss Capital, the Winklevoss brothers, Coinbase Ventures had also participated. Few Billionaires, like Bill Ackman, Qualtrics co-founder Ryan Smith had also joined the round. According to Matt Huang, Paradigm’s co-founder, TaxBit has created the best-in-class solution for cryptocurrency tax problems. Woodward is about to create a buzzy business in the process with Utah’s largest Series A fundraising round.

The reason behind TaxBit’s latest fundraising

According to Woodward, the latest funds raised in the Series A funding round will be invested in the firm’s enterprise tools. Moreover, the funds will be used for expanding the firm’s international footprint with the United kingdom, then others. TaxBit aims to provide something like traditional businesses resource planning tools, which can help enterprises to manage crypto transactions for optimal tax results. Indeed, the software is going to be much like other tools used for foreign currencies.

According to Woodward, they are known as the TurboTax of crypto, and so they don’t want a tool where users need to log into just to file stuff. Moreover, the new startup believes that one of the greatest financial innovations and disruptions of the last century, the digital currency, should not be weighed down by tax and accounting complexities. And now, the firm will continue to scale world-class tax and accounting products so that cryptocurrency can continue to thrive among enterprises, users, and legal bodies.

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