BearTax, a cryptocurrency tax platform, has netted $3.2m in its seed funding round, which was led by Seattle-based investor Ascend.
Other investors to the round include BAM Ventures, defy.vc, Draper Startup House, Tacoma Venture Fund, Hustle Fund, Liquid 2 Ventures, Sketchnote Partners and others.
This investment marks BearTaxâ€™s first fundraise.
With the funds, the crypto tax platform is planning to bolster its global presence and further the development of its existing technology suite.
BearTax is a tax software that can fetch trades from anywhere, identify transfers across exchanges and automatically generate tax documents. Its software can calculate tax cryptocurrency gain/loss and can crunch millions of transactions each minute, it said.
Ascend VC founding general partner Kirby Winfield said, â€œThere will be billions in taxes owed to global governments on cryptocurrency gains for 2021. But crypto tax preparation software as a service is in its infancy. With his background running product at the largest enterprise tax software company in the world, Tela is just the founder to tackle this problem.â€
There have been a handful of cryptocurrency tax solutions popping up. Last month, CoinLedger netted $6m in funding to support the growth of its tax reporting solution.
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