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Indian Startup Binocs Raises $4M to Simplify Crypto Taxes

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Cryptocurrency 42 minutes ago (Sep 22, 2022 07:00AM ET)

Indian Startup Binocs Raises $4M to Simplify Crypto Taxes © Reuters. Indian Startup Binocs Raises $4M to Simplify Crypto Taxes

  • Crypto tax management platform Binocs has raised $4 million in funding.
  • The funding was led by BEENEXT and multiple other institutions.
  • The funds will be used towards the firm’s global rollout.

Binocs, a platform for keeping track of cryptocurrency taxes and Web3 portfolios, recently announced that it had raised $4 million in a seed round from a group of global institutional investors led by BEENEXT.

Other participants in the round included Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital. Several prominent crypto-native angel investors from the United States and India have also invested in the company.

The funds raised will be used to develop the product, and forengineering, growth, and marketing departments at Binocs in preparation for the rollout of the platform in the United States, the United Kingdom, South Africa, and Australia.

Tonmoy Shingal (co-founder, Mettl, purchased by Mercer in 2018) and Pankaj Garg (co-founder, Plabro Networks, ex-Google, American Express (NYSE:)) founded Binocs in July 2022 with the goal of making taxation and compliance easier for cryptocurrency investors.

Shingal commented on the development, stating:

In essence, Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are working to bridge this gap.

Through its aggregation of NFTs, DeFi Protocols, Smart Contracts, and other investments based on Web3, the company makes it easier for crypto investors to keep track of their finances.

The platform reportedly supports 300+ exchanges, 50+ wallets, NFTs, and Smart Contracts. Furthermore, the platform also caters to the expanding community of enterprises dealing in cryptocurrency by providing tools for regulatory compliance, accountancy, and portfolio management.

Earlier this year, the platform announced a partnership with cryptocurrency exchange BitBns. Users of BitBns can now easily compute their crypto taxes by linking their accounts with Binocs, thanks to this collaboration.

The post Indian Startup Binocs Raises $4M to Simplify Crypto Taxes appeared first on Coin Edition.

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