The funding will help Taxbit expand its tax and accounting offerings across various sectors. Here are the top-line bullets you need to know.
Taxbit, a cryptocurrency tax software provider, has raised $130M in an extended Series B that drew participation from Insight Partners and Institutional Venture Partners.
HOW’S THE COMPANY PERFORMING?
- Utah-based TaxBit is a developer of cryptocurrency tax software. The Tax Center Suite, for example, was designed for end-users and automates back-office accounting operations for finance teams. Similarly, TaxBit Consumer is focused on simplifying the filing of taxes on digital asset investments.
- FTX US is the most recent financial institution to integrate TaxBit’s Tax Center Suite technology.
- The company has a current employee count of approximately 100.
WHY DOES THE MARKET MATTER?
- The global cryptocurrency market is projected to grow at a CAGR of 7.1% to reach a value of $2.2B by 2026, according to Markets and Markets.
- The cryptocurrency market has the potential to impact a number of industries in the future — including peer-to-peer payments, e-commerce and retail, remittances, and media & entertainment — driving a cross-industry need for software to help navigate tax management.
- The blockchain industry saw a record-breaking $7B+ in investment during H1’21.