Blockpit receives over 10 million dollar series A investment
Our goal is to strengthen trust in the blockchain-based financial market and offer a significant increase in efficiency through standardized crypto software solutions. The current Series A for over $10 million supports our continued growth and is instrumental in further developing our tax reporting software, Cryptotax, and making it available for new international markets with country-specific and audited frameworks.
Leading blockchain investors on board
The investment capital was contributed by internationally known investors MiddleGame Ventures (MVG) and Fabric Ventures, Force over Mass Capital, Tioga Capital, Avaloq Ventures, and existing investors such as Venionare. The aforementioned venture capital firms are also known for investing in Coinbase or the crypto token and blockchain protocols Ripple, 1Inch, Near, and Polkadot.
Lead investor MiddleGame Ventures (MGV) invests predominantly in FinTechs in capital markets, asset management, and open finance through its Fintech fund. In the last decade, MGV partners invested in early-stage FinTech startups, Tandem Bank, Simplesurance, CoverHound, DriveWealth, or CompareAsia (Hyphen Group).
In addition to the financial boost, the investors ‘ expertise and international network in a wide range of fields will provide access to new markets and create numerous partnership opportunities, massively accelerating product development and expansion to new countries.
The fintech and blockchain sector is still young and holds great potential for future development. Institutional investors, corporations, and small and medium-sized enterprises will increasingly engage with tokenized or crypto assets in the coming years, creating further growth opportunities.
Our tax tracking and reporting solution enable crypto traders and investors to fully document their trading transactions within one web application to meet the strict compliance requirements of different countries. Cryptotax takes into account all types of income relevant for crypto traders and investors, such as staking, lending, mining, and many more.
In addition to the tax reporting software, Blockpit has also been offering a KYT (Know Your Transaction) solution for anti-money laundering measures of financial service providers as well as detailed proofs of origin since the beginning of the year. The additional funding will primarily be used to expand our software and business development team to strengthen partnerships in the B2B as well as in the B2C area and to always enable the connection of popular exchanges, wallets, and DeFi protocols. All segments of our company will thus be scaled accordingly.
More countries and team members
In the first half of 2021, the country-specific tax reports were enabled for two additional European countries, and very strong user growth was achieved. This means that the specific tax calculations are now also available for Spain and France in addition to Germany, Austria, Switzerland, and the USA. By 2024, Blockpit´s country-specific tax reports will be available for all countries in Europe.
To achieve these goals, in addition to financial resources, we need the right team. The journey so far would not have been possible without our extremely talented and motivated employees — currently 30 in number — and we are looking forward to expanding this team strongly in the following months and years.
Disclaimer: The information provided in this blog post is for general information purposes only. The information was completed to the best of our knowledge and does not claim either correctness or accuracy. For detailed information on crypto regulations, we recommend contacting a certified legal advisor in the respective country. If any questions occur, feel free to contact us on our social media channels.
Originally published at https://blog.blockpit.io on July 2, 2021.