Taxbit, a digital currency tax automation platform, based in Utah, has recently received investment in its latest funding round. According to the platform, PayPal Ventures and Coinbase Ventures have invested in the startup through its funding round. The investment amount from these two giants has not been disclosed yet. Along with them, Winklevoss Capital, which is already its investor, has also participated in this funding round.
Taxbit Allows Crypto Exchanges to Issue Tax From Users
Recently, there has been a huge demand for crypto investments and this is the reason why the U.S. is focusing on imposing more tax on gains from crypto. All those people who have made gains from crypto have started receiving notice from the Internal Revenue Services (IRS).
The main purpose of Taxbit is to allow crypto exchanges to issue tax from users and simplifies the process of tax calculation for them. The firm has not revealed the amount it raises through this latest funding round. However, it is having $5.8 million of funds which it raised from the earlier fundings.
Austin Woodward, Founder and CEO of Taxbit, has said that the firm is extremely thankful for all of its partners, customers, and investors for supporting them. He further said:
“This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax technology.”
PayPal Showing Interest in Crypto Industry
For quite some time, it has been seen that PayPal is showing huge interest in the crypto industry. Not only with Taxbit, but PayPal has also launched crypto buying, selling, and holding services for its users. It is also preparing to allow its customers to make digital currency payments to different merchants from its platform. There are other payments giants as well, who are showing great interest in cryptocurrencies, which also includes American Express.