HomeCryptocurrency NewsTaxBit Is Crypto's Latest Unicorn After Latest $130 Million Fundraise

TaxBit Is Crypto’s Latest Unicorn After Latest $130 Million Fundraise

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TaxBit raises funds on the heels of infrastructure bill heading to the house

Takeaways

  • TaxBit raises $130 million in Series B funding
  • The crypto tax software program is crypto’s latest unicorn
  • Serendipitous timing for TaxBit

TaxBit Raises $130 Million In Series B funding

TaxBit announced their Series B funding round today. The round is valued at $130 million USD. The latest fundraise follows their Series A 100 million fundraise just 5 months ago. With the fundraise, TaxBit is valued at over a billion dollars.

TaxBit bills itself as the number 1 crypto tax software program. It’s IRS compliant and connects to some of the bigger names in crypto like BlockFi, Gemini, FTX, and Coinbase.

“We are living in a time where is going digital, including traditional assets,” said Austin Woodward, CEO of TaxBit. “TaxBit is changing the game by providing modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”

Namely, Anthony Pompliano participated in the round. Though, IVP and Insight partners led the round. General partner at IVP, Tom Loverro, joined the board of TaxBit with the latest raise.

“Almost every company touching crypto needs tax reporting software. As we all saw with the recent legislation, crypto tax reporting obligations are only getting more rigorous,” Loverro said.

TaxBit Is Crypto’s Latest Unicorn

Despite the recent market downturn, crypto startups continued to see large investments from venture capital firms.

Startups like Paxos and OpenSea both saw their evaluations rise above 1 billion, despite the likes of Scott Minerd predicting an incoming bear market. Not to mention, OpenSea also fought NFT FUD to get to its eval.

The continued investment, irregardless of day to day prices, is a positive for an industry in regulatory crosshairs.

Serendipitous Timing For TaxBit

The infrastructure bill passed into the house unamended because a senator with ties to the banking industry blocked the compromise between dueling amendments.

It’s unclear how the treasury will interpret the amendments, or if they will make it past the house or senate. Not to mention, the crypto tax provision will not become law until 2023.

In the meantime, companies like TaxBit are getting ready for the potential influx, whatever shape it takes. They plan to use their latest fundraise to increase their headcount and open more offices beyond their headquarters in Salt Lake City and recently opened Seattle office.

 

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John Kaczur
Writer and editor, based out of Toronto. More excited about Web3's future than its present. Proud Koala foster co-parent.

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