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Binocs, the cryptocurrency taxation platform, has raised $4 million in seed funding led by Beenext along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.
Binocs, which is launching its portfolio-tracking platform in the US, UK, South Africa, and Australia, said it will use the funding to expand its product, engineering, growth, and marketing teams.
“At a time when the various regulations around crypto tax are causing apprehension amongst crypto investors, we at Binocs are on a mission to leverage our state-of-the-art technology platform to ease the crypto taxation journey for investors. 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,” said Tonmoy Shingal, co-founder of Binocs.
Binocs, which was founded in July 2022, enables crypto investors to manage their accounting and aggregates their various Web3-based investments.
“As the Web3 world grows, crypto native organisations will need solutions like Binocs to help them with their compliances, accounting, and bookkeeping. Twenty countries currently have tax regulations and compliances in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on,” said Anirudh Garg, Investor at Beenext.
Binocs aims to ensure accurate tax computation is executed while maintaining compliance with local laws and regulations for all its users. Binocs caters to an array of transactions right from buy/sell trades, P2P transactions, and airdrops, said a company statement.
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First Published: Thu, September 22 2022. 14:50 IST