PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit

U.S. crypto tax compliance startup Taxbit has raised $100 million in a Series A funding round led by investment firms Paradigm and Tiger Global. Paypal Ventures, Coinbase Ventures, and others including Bill Ackman, Ryan Smith, and Anthony Pompliano also joined the round. Taxbit chief executive officer Austin Woodward said the funds will be invested in the company’s enterprise tools as well as used to expand into Europe this year, with the U.K. as the first port of call. “One of the greatest financial innovations and disruptions of the last century, cryptocurrency, should not be....

The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above. The United States-based cryptocurrency tax software developer TaxBit is reportedly looking for new funding at a valuation of $1 billion or more, which would make it a unicorn startup.According to Bloomberg, people with knowledge of the matter said TaxBit is in talks to raise capital, but the terms have yet to be finalized. TaxBit declined to comment on the reports.TaxBit is a Salt Lake City, Utah-based startup founded in 2018 specializing in crypto-related tax processes....

TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms. Crypto tax compliance firm TaxBit is working to unite major industry companies like Coinbase and Binance.US within one network to enable free 2021 tax forms for users.The crypto tax software provider on Tuesday launched the TaxBit Network, a certified network aiming to democratize crypto tax calculations and tax forms by providing necessary tax reporting data to all network users for free.The TaxBit Network at launch includes about 20 major crypto-related businesses in the....

Utah-based startup TaxBit prepares to provide global crypto-oriented tax expertise with a newly raised $100 million. Major cryptocurrency tax compliance startup TaxBit has raised $100 million as it expands into Europe.According to a March 3 blog post, TaxBit has secured the funds in Series A round led by Paradigm and Tiger Capital. Additional investors included PayPal’s venture arm, major industry firms like Coinbase and Winklevoss Capital, as well as individual investors like Bill Ackman, Ryan Smith, Anthony Pompliano and others.According to the announcement, the new investment round....

Major cryptocurrency exchange Coinbase now lets U.S. users invest in bitcoin and other cryptocurrencies using their PayPal accounts.