PayPal Ventures Invests in TaxBit’s Series A Funding Round

American payments giant PayPal announced that it has participated in TaxBit's Series A funding round led by Paradigm and Tiger Global. TaxBit is a cryptocurrency tax software platform and accounting firm enabling widespread adoption with real-time tax automation, support, and compliance.

According to the press release, as cryptocurrency continues to see exponential growth, increased interest from retail investors, asset managers, institutional investors, companies looking to diversify their portfolios. The importance of TaxBit's tailored tax and accounting software is readily apparent. Therefore, this round of investment comes.

Launched in 2018, TaxBit's platform automates all aspects of cryptocurrency tax compliance for enterprises, consumers, and governments. TaxBit's platform has produced and helped customers file over one million sets of tax forms across the market verticals it serves. TaxBit Enterprise and TaxBit Consumer not only ensures compliance with tax law but also helps users actively tax optimize their investments and use of cryptocurrency.

"The past 12-months at TaxBit have been monumental, as our products are removing some of the largest roadblocks of this emerging asset class. With the support of Paradigm, Tiger Global, and many other amazing investors, we are excited to continue to scale world-class tax and accounting products so that cryptocurrency can continue to thrive among enterprises, consumers, and governments," said Austin Woodward, TaxBit CEO.