As per an official publication from the crypto tax firm website, Taxbit, it has successfully gotten $100 million in investments from its latest series A funding round. According to a statement that was picked off its website, the tax solution provider mentioned that it aims to fully use the resources to enter into the United Kingdom market.
Leading other firms and investors in the funding round was no there than investment expert, Paradigm and Tiger Global. Other participants in the Series A funding round include PayPal, Winklevoss twins, and Winklevoss Capital and Coinbase ventures. Bill Ackman and Ryan Smith were two of the individual investors that participated in the funding round.
Taxbit aims to enter the UK market
In their official statement after the funding round, Taxbit mentioned that it earned a total of $107 million on the funding round. The company also mentioned that they needed to carry out this funding round due to the much-acclaimed fame that digital assets earned during the coronavirus pandemic period. In a statement by the firm’s vice president, Michael O’Connor, investments and individuals need their software due to the kind of regulations at play in the sector across many countries.
Notably, most countries have not yet developed an effective way to tax digital assets, while others are still opposed to the assets. The Taxbit software, which was introduced by the Woodward brothers, helps both small-scale and large-scale crypto traders calculate their crypto tax efficiently. The software considers major things such as profits, losses, and a few other factors in the calculation.
Their latest statement also shows that they have something big for their users across the United Kingdom. Austin Woodward, the firm’s CEO, mentioned that they are hoping to roll out several tools that enterprises would be able to use, which would, in turn, see them expand their customer base.
FCA continues a stringent approach to crypto
The company has earmarked the United Kingdom as its first destination in its growing bid to conquer the world with its software. The company also mentioned that it is planning on making a tax solution that would conform to that of enterprises across the region. The software will help companies that have entered the crypto market calculate the amount they are to pay for their taxes. When Taxbit was first established in 2018, the firm worked strictly with individual traders to pay tax before shifting course to accommodate industrial crypto experts.
Even though the company still has a long list of retail traders on its list, it has been able to help investments that are emerging in the space calculate their tax. The FCA has taken digital assets with a stringent approach ever since traders started to adopt digital assets. In January, the FCA law went around after they announced a ban on all derivatives crypto products and exchange-traded notes. Even though the law was said to protect investors from losing out of their money, analysts have said that they are also losing out on potential profits.