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“Tax reporting requirements make TaxBit a ‘must have’ for both crypto-native companies as well as traditional financial services companies as they increasingly embrace crypto,” said Tom Loverro, General Partner at IVP. “TaxBit has emerged as the clear market leader in its offering to enterprises and tax authorities. It is a privilege to partner with Austin and the TaxBit team on their next phase of growth.”
“TaxBit is pioneering a comprehensive suite of cryptocurrency tax products, and is poised to capitalize on incredibly strong industry and regulatory tailwinds,” added Ajay Vashee, General Partner at IVP, who will join the company as a board observer.
Nikhil Sachdev, Managing Partner at Insight Partners, will join the company as a board observer. “The tokenization of our global financial system is underway, and our current tax, accounting and ERP software infrastructure isn’t equipped to manage this shift. TaxBit has emerged as a leader in the industry and the platform helps everyone from consumers, exchanges and government to enterprises easily manage tax compliance and financial reporting on crypto transactions. We’re thrilled to be part of this next chapter of TaxBit’s rapid growth.”
Digital asset adoption continues to quickly go mainstream as institutional investors and global payment providers offer cryptocurrency alongside traditional assets. The digital economy’s need for tax and accounting software grows with the industry as regulators require more formal reporting practices.
“We are living in a time where everything is going digital, including traditional assets,” said Austin Woodward, TaxBit CEO. “As we’ve built and deployed modern tax and accounting software tailored to digital assets, it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”
Source: PR Newswire
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