TaxBit, which offers cryptocurrency tax automation software to crypto users, exchanges and merchants, has announced new investments from PayPal Ventures, Coinbase Ventures and existing investor Winklevoss Capital.
The solution automates all aspects of cryptocurrency tax compliance for consumers, businesses and exchanges.
PayPal started allowing consumers to buy, sell and hold virtual coins late last year, and is one of a number of established FinTechs to have taken a deeper interest in digital coins in recent months as the price of Bitcoin has rocketed to record highs.
“These new investments from major FinTech companies reinforce the importance of tailored software solutions like TaxBit in driving widespread cryptocurrency adoption,” said Taxbit.
TaxBit Enterprise and TaxBit Consumer help mitigate the cumbersome experience of calculating and reporting taxes on cryptocurrency transactions, with crypto spending on goods and services subject to tax in the US.
Austin Woodward, chief executive and founder of TaxBit, said: "This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax technology."
TaxBit is headquartered in Salt Lake City, Utah and plans to go international with the help of the investment, the value of which has not been made public.
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