Binocs recently announced that it has raised $4 million in investments in the seed round conducted under the leadership of Beenext. Other investors included Accel, Saison Capital, Premji Invest, Blume Ventures, Arkam Ventures and Better Capital. Binocs said they will use the investment to expand their product development and marketing teams. Binocs is a platform that was established due to the fact that it is difficult to keep up with tax compliance, especially for crypto nowadays. Platform currently supports tax compliance with their marketplaces in the USA, UK, Australia, South Africa and India. Beenext investor Anirudh Garg, who led the investment round, said:
“As the Web3 world grows, crypto native organizations will need solutions like Binocs to help them with their compliance, accounting, and bookkeeping. 20 countries currently have tax regulations and compliance in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on”
Binocs was founded in 2022 by Tonmoy Shingal and Pankaj Garg to follow Web3 and Crypto taxation. The company, which consists of an experienced team who has worked in companies such as Microsoft, Google, Amex, GE Finance, Grab, Yodlee, Clear Tax, WazirX, JP Morgan, and Goldman Sachs, states that people are worried about entering the crypto world. We can say that this concern is due to the complexity and lack of information about the laws on crypto tax regulations. At this point, Binocs technology comes into play. Co-founder Tonmoy Shingal for Binocs:
“Amongst the various regulations around crypto tax crypto investors are causing apprehension finished at a time, we at Binocs are on a mission to leverage our state-of-the-art technology platform to ease the journey for taxation crypto investors. In essence, Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are working to bridge this gap. We are elated to have several renewed global investors partners with us on this journey as we work to better the lives of crypto investors across the world”
Binocs can provide a tax report in less than 30 minutes. It can also track ROI, P&L and capital changes across CeFi and DeFi. Platform gives users detailed information about the resources and fees that are deducted so that they understand how much tax they need to pay.