Blockpit, which offers tax reporting and portfolio tracking services for cryptocurrency, has scored $10m in its Series A.
The round was supported by MiddleGame Ventures (MVG) and Fabric Ventures, Force over Mass Capital, Tioga Capital, Avaloq Ventures and existing investors such as Venionare.
The FinTech hopes the investment will support its growth efforts and its launch into new international markets. Funds will be used to grow its software and business development team to help it seek B2B and B2C partnerships. Its goal is to connect with exchanges, wallets and DeFi protocols.
Alongside the financial support, Blockpit is eager to leverage the knowledge of its investors to access new markets and partnership opportunities.
Blockpit’s tax tracking and reporting solution allows cryptocurrency traders and investors to easily document their trading transactions through a single platform and ensure they meet the compliance requirements of relevant countries. The solution is able to account for staking, lending, mining and other types of cryptocurrency activity.
The company also boasts a know you transaction (KYT) tool, which helps combat risks of money laundering.
During the first half of 2021, Blockpit launched its tax reports in two more European countries, with its services now available in Spain, France, Germany, Austria, Switzerland and the USA.
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