TaxBit cofounders Justin Woodward and CEO Austin Woodward have raised $100 million to build the ERP for cryptocurrency.With bitcoin’s market capitalization approaching $1 trillion, and hundreds of billions more in value in a host of other coins and projects, boring old taxes are becoming a big headache—not just for consumers, but also the exchanges, businesses dabbling in the sector and governments getting involved.
“The entire existence of this asset class that can be so disruptive to our financial sector is at risk because of tax and accounting compliance at scale,” Woodward says. “There’s no NetSuite, Oracle or SAP of cryptocurrency.” Initially a consumer-facing product, today TaxBit offers its software to a mix of individual practitioners and, more lucratively for the startup, the businesses that help them invest and trade: crypto exchanges, wallet providers, lending platforms and the like. TaxBit’s software is white-labeled, meaning that users of those tools will sometimes know they’re working in the startup’s software, sometimes not, often accessing it through the “tax center” sections or pages of the companies’ websites.
Great for Brayden and Hayden there
thank you very much for your work
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