Austria’s Blockpit, Provider of Audited Tax Reports for Bitcoin, Ethereum, Other Cryptos, Secures $10M via Series A

Austria-based Blockpit, a provider of legally compliant and audited tax reports for the treatment of digital assets, reveals that it has acquired $10 million in capital as part of Series A round.

Blockpit’s investment round has reportedly been led by MiddleGame Ventures (MGV) along with contributions from Fabric Ventures, Force over Mass Capital, Tioga Capital (Casa), Avaloq Ventures and Venionaire via his Luxembourg fund, EXF Alpha SCS.

As noted by the Blockpit team, these venture capital firms are known for their investments in Coinbase, along with Ripple, 1Inch, Near and Polkadot.

Lead Investor MiddleGame Ventures (MGV) primarily invests in Fintech companies in the capital market, asset management and open finance sectors via its dedicated Fintech fund, the Blockpit team writes in a blog post. During the past 10 years, MGV partners have made strategic investments in early-stage Fintech startups, like Tandem Bank, Simplesurance, CoverHound, DriveWealth and CompareAsia (Hyphen Group).

The Blockpit team also mentioned in their announcement that the expertise and international network of investors will “enable access to new markets and create numerous partnership opportunities, which will massively accelerate product development and expansion into new countries.”

The Blockpit team added:

“The fintech and blockchain sector is still young and has great potential for development. Institutional investors, corporations as well as small and medium-sized companies will increasingly deal with tokenized or crypto assets in the next few years, which will create further new growth opportunities.”

They further noted:

“Our tax tracking and reporting solution enables crypto traders and investors to seamlessly document their trading transactions within a web application in order to meet the strict compliance requirements of different countries. Cryptotax takes into account all types of income relevant for crypto traders and investors, such as staking, lending, mining and many more.”

Blockpit points out that it has also been providing a KYT (Know Your Transaction) solution for anti-money laundering (AML) measures by financial service providers as well as “detailed certificates of origin since the beginning of the year.”

The additional financing is mainly intended “to enlarge our software and business development team in order to strengthen partnerships in the B2B and B2C areas and to enable the connection of common exchanges, wallets and DeFi protocols at all times,” the company confirmed.  They also noted that all segments of their company will be scaled accordingly.

During H1 2021, country-specific tax reports were “made possible for two more European countries and very strong user growth was achieved,” Blockpit noted while adding by 2024, the company should have country-specific tax reports “available for all European countries.”

Blockpit’s management also revealed that they plan to further develop and enhance their certified tax reporting application, Cryptotax while make it available in other jurisdictions.

Established in 2017, Blockpit created the Cryptotax software suite that’s being used by cryptocurrency traders and investors to automatically calculate and determine taxable gains from their trading of Bitcoin (BTC), Ethereum (ETH) and other crypto-assets.

The introduction of Cryptotax in Spain and France took place recently. Audited tax reports are currently available in six different countries – including the US, Austria, Germany and Switzerland.

Florian Wimmer, CEO and Co-Founder of Blockpit, stated:

“In addition to the monetary boost, the expertise and international networking of investors in various areas result in new market access and numerous opportunities for additional partnerships. This will massively accelerate the further development of our products as well as the expansion into new countries.”

Register Now!
Sponsored Links by DQ Promote



Send this to a friend