Crypto accounting firm Taxbit raises $130m

Cryptocurrency-focused accounting technology firm TaxBit has raised $130 million in a Series B funding round.

The Utah-based startup, founded in 2018, provides a product which automates all aspects of cryptocurrency tax compliance for consumers, businesses, and exchanges.

The round valued TaxBit at $1.33 billion.

TaxBit said it will use the capital to expand internationally and to launch an enterprise resource planning (ERP) product.

The round was led by cryptocurrency investor Anthony Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, and Madrona Venture Group.

The news comes five months after the company raised $100 million in a Series A funding round in March.

"We are living in a time where everything is going digital, including traditional assets," said founder and chief executive Austin Woodward. "As we've built and deployed modern tax and accounting software tailored to digital assets, it's become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience.”

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