PayPal Holdings Inc. has backed a cryptocurrency-focused tax startup called Taxbit, Reuters has learned, citing Austin Woodward, the company's CEO and Founder. While the size of investments remains undisclosed, Woodward says the funds will be used for growing the team and expanding the business.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"Going international is a huge piece of the puzzle," Woodward told Reuters.
The Utah-based startup already has dozens of crypto-related partners, including Gemini, CEX.io and Uphold. iHodl reported in October last year that Gemini integrated TaxBit’s Tax Center Suite service to automate and optimize cryptocurrency tax reporting for its users.
With Taxbit's technology, Gemini's users in the US can now download a completed tax report for a variety of tax filing software or handed over to an accountant in the same format that the US Internal Revenue Service (IRS) requires.
In November 2020, PayPal's Chief Executive, Dan Schulman, announced that the company would be working towards enhancing the role of cryptocurrencies in everyday life. He also added it is no longer a question of "if," but "when and how" central banks around the world are going to issue their forms of digital currencies.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.