Blockpit, a tax calculation and portfolio tracking platform for cryptocurrencies, has received a €2.5m investment.
The round was supported by members of the European Super Angels Club, which also invested in the RegTech last year, tapping its EXF Alpha fund. As part of deal, the club members have purchased security tokens, TAX tokens, from Blockpit.
Blockpit’s TAX token is the first security token to be issued in Austria and guarantees shareholders the right to a share of the future revenue of the company. The
While the names of other investors were not disclosed however Blockpit described them as ‘several major players.’
The RegTech company develops software for calculating and the compliant reporting of transactions of cryptocurrencies and cryptoassets. Its clients include private individuals and institutions such as banks and tax authorities.
Its services help a user track trades across wallets and exchanges, choose between HIFO, FIFO, LIFO, and other calculation methods, and set up customised alerts.
The company is planning to raise further funding, with the goal of reaching €5m by the end of the year.
Berthold Baurek-Karlic, president of the European Super Angels Club, said, “Several global banks have been sentenced to heavy fines in recent years for failing to comply on time with anti-money laundering regulations such as AML4.
“Blockpit provides the proof of origin for crypto transactions and the necessary transparency when profits from these trades are exchanged into other currencies or transferred back to your bank account. The solution also calculates whether and to what extent a possible tax liability exists, says Baurek-Karlic.”
