Major crypto tax compliance startup TaxBit has officially announced that it has raised $100 million in order to expand into Europe. The news came via a blog post.
TaxBit has secured the funds in the Series A round that was led by Paradigm and Tiger Capital with additional investors such as Coinbase, Winklevoss Capital, Anthony Pompliano, and Bill Ackman.
The announcement mentions that the new investment round is a natural response to the growing global demand for crypto services as the crypto industry reached a market capitalization of $1.5 trillion. “The importance of TaxBit’s tailored tax and accounting software is readily apparent,” declared Michelle O’Connor, the VP of marketing for TaxBit.
With these new funds, TaxBit wants to go global this year, with the UK being their primary target. TaxBit also wants to launch an enterprise resource planning solution in compliance with SEC in 2021.
TaxBit was launched in 2018 and was created to automate aspects of crypto tax compliance for enterprises, consumers, and governments.