Cryptiony, a cryptocurrency tax automation platform, has reportedly secured €500,000 in pre-seed funding, supporting its launch in the UK.
New York-based investment firm ff Venture Capital served as the lead investor, according to a report from FinTech Finance News. Commitments to the round also came from Pointer.Capital and web3-focused angel investor Marcin Wenus.
Funds from the round will help the company, which was previously bootstrapped, to launch its services in the UK. Capital will also be used to hire more development staff, release new features and establish new exchange and blockchain integrations.
It claims to have established a strong market position in Poland, experiencing a tenfold increase in subscriber numbers in 2022. Its goal is to become the leading platform across Europe by 2025.
Founded in 2021 by Bartosz Milczarek (CEO) and Hanna Milczarek (CMO) and Krzysztof Dworakowski (CTO), Cryptiony offers a cryptocurrency tax automation platform. Its dashboard allows users to make crypto tax calculations, conduct their reporting and handle portfolio management.
Speaking on the funding round, Cryptiony co-founder and CEO Bartosz Milczarek said, “If crypto ever was part of a separate universe, it isn’t now. Tax authorities are treating trading profits just like any other capital gain and taxpayers are waking up to the risks of non-compliance.
“It’s a big market already and, as web3 becomes mainstream, is going to get even bigger. The UK is our most important opportunity right now and the new pre-seed funding enables us to grab that opening with a pricing model that is going to be hard to ignore.”
The cryptocurrency tax automation platform opened a London office in 2022, which it hopes will serve as a launchpad for the rest of Europe.
A number of other crypto tax platforms have raised funds over the past year. Cryptio secured $10m for its Series A round and ZenLedger picked up $15m for its Series B.
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