Cryptocurrency startup Taxbit managed to attract $100 million of investments in round A
American crypto startup Taxbit, which created software for efficiently working with cryptocurrency taxation and simplifying accounting processes, managed to raise $100 million in one of the funding rounds.
The startup called the achievement the largest Round A in Utah and thanked the Forbes editor for sharing their good news.
Round A was led by PayPal, co-founder of Morgan Creek Digital, cryptocurrency bank Galaxy Digital by Mike Novogratz and other not less significant figures.
Employees of the startup noted the importance of competently promoting the next generation of assets - cryptocurrencies, by creating the perfect software to avoid tax problems.
Taxbit CEO Austin Woodward also said that stable cash infusions will be an excellent help for them in scaling their firm's product, which will not stop the further expansion of the business in other countries.
In 2021, Taxbit intends to expand the functionality of the software by releasing the idea for accounting “at the SEC level” to the public. The Winklevoss brothers' crypto exchange has already implemented one of the Taxbit startup solutions - Tax Center Suite for creating tax reporting.