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Taxbit will use the cash injection, of an undisclosed amount, to
grow the team and expand the business, said Austin Woodward, the
company's chief executive and founder.
"Going international is a huge piece of the puzzle," Woodward
said in an interview.
Taxbit has also raised funds via Coinbase Ventures, the venture
capital division of the popular cryptocurrency exchange, and
existing investor Winklevoss Capital, the family office founded
by tech entrepreneurs Tyler and Cameron Winklevoss.
PayPal, which started allowing consumers to buy, sell and hold
virtual coins late last year, is one of a number of established
companies to have taken a deeper interest in digital coins in
recent months as the price of bitcoin has skyrocketed to record
highs.
Founded in 2017 by accountants, tax attorneys and software
engineers, Taxbit has developed software that enables companies
like cryptocurrency exchanges to issue tax forms to their users,
and to allow consumers to calculate how much tax they owe on
their crypto.
While bitcoin and other virtual currencies have been attractive
to speculators, they have struggled to become widespread forms
of payment in part because they are treated as property for tax
purposes in the United States, making every transaction taxable.
Taxbit "can help people optimize taxes as they their use crypto
throughout the year," Woodward said.
(Reporting by Anna Irrera; Editing by Jan Harvey)
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