Keeping up with cryptocurrency tax compliance can be tricky, especially since many laws are new (or haven't been written yet). That's why it was founded binocs.
Users integrate their exchanges and wallets and binocs provides a tax report and other accounting details. The startup announced today that it has raised $ 4 millones to expand in markets such as the United States, the United Kingdom and Australia. The round was led by BEENEXT y My back with the participation of Accel, Saison Capital, Premji Invest, Blume and Better Capital.
Founded in May 2022 by Tonmoy Shingal and Pankaj Garg and headquartered in Bangalore, binocs currently has more than 1000 userss, including retail and institutional investors who need to do forensic accounting and risk management. Currently, binocs It is tax compliant in the US, UK, Australia, South Africa and India, with plans to add more markets next month. Part of the funding will be used for the product development and marketing teams of binocs for retail and institutional investors.
binocs can provide tax reports in less than 30 minutes. It also tracks investment performance, profit and loss, and equity trades, as well as taxes for derivatives, lending, and lending in CeFi and DeFi. The app can provide users with details about fees and taxes deducted at source already paid on transactions so they know how much tax they need to pay.
binocs he also plans to build more apps on top of his algorithm as he gets more data. “We see ourselves as a data company that understands what happens in crypto transactions and builds applications for multiple use cases in the future”Shingal said. Currently, binocs it is pre-revenue and will be monetized by operating on a freemium model as well as an enterprise plan for commercial investors.
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