CDS Startups Binocs Raises $4 Million in Seed Round
Startups

Binocs Raises $4 Million in Seed Round

396
Crypto Tracking Startup Binocs Raises $4 million in Seed Round
Crypto Tracking Startup Binocs Raises $4 million in Seed Round

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

About Binocs

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.

Team

Binocs Team
Team

References

www.viestories.com

www.economictimes.indiatimes.com

Written by
oguz

The author is a political science and public administration student at Kocaeli University. He is also studying Management Information Systems at Anadolu University. He met Blockchain technology and Cryptocurrencies for the first time in 2019. Interested in cryptocurrencies for over 2 years. In addition he provides E-commerce and social media marketing services.

Leave a comment

Leave a Reply

Related Articles

Phoenix AI Ecosystem Fund Launched with Contributions from JDI Group and Tensor

20 Million Dollar Phoenix AI Ecosystem Fund launched.

MicroStrategy Acquires 3,000 BTC Amid Bitcoin ETFs’ Impending Overtaking of Gold ETFs

MicroStrategy's recent Bitcoin acquisition aligns with forecasts suggesting that Bitcoin ETFs could...

USDe Developer Ethena Raises $14 Million in Strategic Investment Round

USDe developer Ethena said that with the latest funding, its valuation has...

Jupiter Crypto Exchange Unveils WEN through its Latest Token Launchpad

Jupiter Crypto exchange introduces WEN Token via new token launchpad.