Crypto Tax Software Nabs $5M With Winklevoss Capital Boost

By Philip Rosenstein (January 6, 2020, 9:25 PM EST) -- Cryptocurrency tax software company TaxBit on Monday announced a $5 million seed round led by the likes of Winklevoss Capital and TTV Capital, saying it hopes to bolster cryptocurrency adoption by providing streamlined tools to ease the burden of tax compliance.

Heightened scrutiny of cryptocurrency trading from the Internal Revenue Service culminated in thousands of audit letters sent out last summer and new cryptocurrency tax guidance released in October. With the goal of helping clients ranging from individual cryptocurrency traders to full-blown exchanges, TaxBit first launched a consumer-facing product in January 2019, according to a press release.

Founded by tax attorneys, certified...

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