Binocs, a cryptocurrency taxation and Web3.0 portfolio tracking platform, has announced raising four million dollars in its seed round from global institutional investors led by BEENEXT, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital, and is backed by cryptocurrency-native angel investors from US and India. The platform aims to launch its operations in US, UK, South Africa, and Australia, and plans to utilise the funds to expand its product, engineering, growth, and marketing teams.
According to Tonmoy Shingal, co-founder, Binocs, the company is on a mission to leverage state-of-the-art technology platform to ease the cryptocurrency taxation journey for investors. “In essence, cryptocurrency is a Web3.0 currency but has to comply with a Web2.0 world of accounting principles and compliance. We are working to bridge this gap. We look forward to have global investors partner with us on this journey as we aim to better the lives of cryptocurrency investors across the world,” he added.
“As the Web3.0 world grows, cryptocurrency native organisations will need solutions such as Binocs to help them with their compliances, accounting, and bookkeeping. 20 countries currently have tax regulations and compliances in place for cryptocurrency, and there are another 50 which are expected to implement such policies in the near future. This is a market opportunity to build a system early on,” Anirudh Garg, investor, BEENEXT, remarked.
Insights provided by Binocs aims to ensure tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users. Binocs aims to cater to transactions around buy/sell trades, staking, peer-to-peer (P2P) transactions, airdrops, and even transactions across wallets, globally. Recently, they unveiled features to track complex trades such as derivatives, lending and borrowing across CeFi and DeFi (such as AAVE-v2 and more).