TaxBit raises $5 million in its latest funding round

The US-based tax compliance company, TaxBit, has just closed its seed funding round. The crypto-oriented firm announced yesterday that it managed to raise as much as $5 million from a number of different venture capital firms.

According to the company's announcement, the funding round included some of the largest names from the blockchain industry,
as well as from the Silicon Valley itself. Some of the participants included Winklevoss Capital, Dragonfly Capital Partners, TTV Capital, Table Management, Collaborative Fund, Album VC, and others.

TaxBit to offer services to merchants, individuals, exchanges, and enterprises

As many are likely aware, the US tax season is approaching, and with taxing cryptocurrencies still being as complicated as ever, companies like TaxBit will be rather necessary for the near future. The crypto arena in the US is still relatively small, although there is always money to be made when it comes to digital currencies.

The company's CEO, Austin Woodward, commented on TaxBit's goals and ambitions by stating that TaxBit is needed to 'remove the burden' of proper crypto tax reporting, and help crypto users, but also merchants and exchanges. He also added that TaxBit's tax experts and software can handle all of the complexities and provide users with a very user-friendly experience.

Meanwhile, the company's announcement noted that the new proceeds will be used for further improving the software and other
aspects of the tax-calculating platform. After that, the firm will be looking into its global expansion, with goals of moving to Canada, the UK, and even Australia.

The firm itself is headquartered in Utah, and it was launched only a year ago, in January 2019. Since then, it targeted retail consumers in the crypto industry. But, its interest in expanding its client base also inspired TaxBit to create an enterprise tax center suite.