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PayPal has made its commitment to the cryptocurrency industry through its venture arm’s recent investment in Taxbit, a platform to automate the tax currency for digital currencies in Utah, has expanded.
The startup, announced on Thursday, raised an undisclosed amount from PayPal Ventures and Coinbase Ventures in its last financing round. Existing investor Winklevoss Capital also took part in the funding round.
The new funding came as demand for cryptocurrency investments was booming and the U.S. Treasury Officer became increasingly focused on levying taxes on cryptocurrency profits. The Internal Revenue Services (IRS) are actively sending notices to anyone suspected of trading cryptocurrencies and have not disclosed the profits in their reporting.
Taxbit software, founded in 2017, makes it possible Cryptocurrency exchanges to issue tax forms to their users, automating the tedious process of calculating tax.
Although the company did not disclose the amount it had raised in the last high-profile funding round, it already had a chest of 5.8 Commenting on the funding, Austin Woodward, Founder and CEO of TaxBit, said: “We would like to thank our customers, partners and investors for helping us helped move the cryptocurrency space forward. This investment will help us achieve our goal of being the most innovative and trustworthy provider of cryptocurrency control technology. “
The share of the payment giant PayPal in the crypto startup projects its interests in the booming cryptocurrency industry. Previously, PayPal had started buying, selling, and holding crypto services for its users.
In addition, the giant enables users to pay to merchants in digital currencies on its platform.
Other mainstream payment giants have has already shown her interest in cryptocurrencies. American Express invested in the FalconX institutional crypto trading platform last month.
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