Crypto tax reporting company Binocs have raised $4m in a new funding round led by Arkam and BEENXT.
The round also saw participation from Accel, Better Capital, Blume, Saison Capital and Premji Invest.
Binocs help retail crypto investors there to adapt and evolve to the ever-changing dynamics of the crypto market by simplifying their accounting, taxation, compliances and helping them stay on top of their portfolios.
The app is able to compute crypto taxes in less than 30 minutes and already has over 1,000 active users. Binocs also offers the portfolio tracking features wherein users can get an overview for their entire distributed crypto portfolio which offers a consolidated report on ROI, P&L, capital gains across all exchanges. This includes a wide range of cryptocurrencies, tokens, protocols, and smart contracts.
Binocs claims its primary purpose is to ensure accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users.
Users can link their crypto portfolios via multiple sources centralised exchanges, decentralised exchanges, wallets, and on chains directly. They can track daily portfolio movements and portfolio value (enabled by intelligent analytics), as well as download quarterly and annual tax computation and account statements.
This funding round will help Binocs to launch in countries where tax regulations are defined and expand the team. The firm is looking to cater to institutional crypto investors and enter geographies like the US, the UK and Australia.
Binocs co-founder and CEO Tonomy Shingal said, “Compliance related to crypto trades and investments can be tricky, error-prone and time-consuming. Binocs is mitigating these pain points for retail users and institutions to have a seamless crypto experience. Moreover, the lack of information around crypto tax regulations is a hurdle to investing in the asset class. Using state-of-the-art technology, we ease the crypto taxation journey of our users. In essence Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are bridging this gap. Our software is compliant with the latest regulations, ensuring our users can calculate their taxes efficiently.”
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