You are here: Home » Companies » News
SpiceJet says will hike salaries of senior pilots by 20% from October
IGGL gains 42.94% physical progress, Rs 1556.46 crore capital expenditure
Business Standard

Crypto tax reporting app Binocs raises $4 mn in seed funding for expansion

Company enables crypto investors to manage accounting and compliance to local laws

Topics
Cyrptocurrencies | Taxation | Blume Ventures

Aryaman Gupta  |  New Delhi 



Photo: Bloomberg
Photo: Bloomberg

Binocs, the cryptocurrency 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 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 22 2022. 14:50 IST

RECOMMENDED FOR YOU

.