PayPal, Coinbase Back Crypto Tax Startup TaxBit
A group of investors including PayPal Ventures, Coinbase Ventures, and Winklevoss Capital have funded a new round for TaxBit, which is a tax automation software for crypto users, exchanges, and merchants. The exact size of the investment isn’t disclosed.
Before this just-announced funding round, TaxBit is known to have raised around $5.8 million in venture funding. PayPal Ventures and Coinbase Ventures are new investors whereby Winklevoss Capital was already an existing investor.
Winklevoss Capital is the eponymous venture firm founded by Tyler and Cameron Winklevoss, the brothers who founded the popular cryptocurrency exchange Gemini.
TaxBit provides software to automate the regulatory hurdle of tax compliance for cryptocurrency adopters. It provides its service to individuals, merchants, and enterprises.
TaxBit is based in Salt Lake City in Utah.
“This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax technology”, TaxBit’s CEO Austin Woodward said in a press statement.