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PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit
PayPal Ventures, Coinbase Ventures and Winklevoss Capital invested an undisclosed amount in the firm.
TaxBit, a firm providing cryptocurrency tax automation software, says it has secured investments from the venture arms of PayPal and Coinbase, as well as its existing investor Winklevoss Capital.
STORY CONTINUES BELOW
- The amount invested was not disclosed in an announcement Thursday.
- The backing reinforces "the importance of tailored software solutions, like TaxBit, in driving widespread cryptocurrency adoption," the company said.
- TaxBit automates the complex task of cryptocurrency tax compliance for consumers, businesses and exchanges through its two primary apps.
- PayPal's investment may be significant, with experts having previously told CoinDesk that the payment firm's new-to-crypto customers would face a "huge headache" when it comes to tax time.
- PayPal launched crypto buying and selling services in the U.S. in October.
Read more: Uphold Teams With TaxBit to More Accurately Report Users’ Crypto Trades
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
