TaxBit Builds Momentum in Digital Asset Compliance with New Funding for Strategic Product Expansion

Investment accelerates TaxBit's suite of digital asset compliance solutions for governments and enterprises.

NEW YORK, April 25, 2024 /PRNewswire/ -- TaxBit, the leading provider of tax and accounting compliance solutions, has announced a strategic investment from In-Q-Tel (IQT), the not-for-profit strategic investor for the U.S. national security community and America's allies. This development comes in response to growing demand for expanded use cases and digital asset compliance solutions on a global scale.

Building upon TaxBit's commitment to compliant innovation, the investment will help accelerate the development and deployment of TaxBit's commercial and government accounting solutions and digital asset technologies, including uses for tax filing, audit, asset seizure, and financial reporting. This also includes new critical features like GAAP and FASB reporting in the United States and IFRS support for international customers, setting a global standard for accounting compliance. 

"This is an exciting milestone for TaxBit and a testament to our credibility as a trusted partner across the digital asset space," said Lindsey Argalas, CEO of TaxBit. "This investment from IQT further underscores the incredible technology and expertise our team has built for the digital asset industry. Everything we do aims to secure regulatory trust while enabling compliant digital asset innovation for the global economy."   

"We see an emerging need from the public sector and enterprises to comply in using crypto and digital assets," said Rita Waite, Principal, Investments at IQT. "TaxBit's solutions and team impressed us with their industry and technical position that will enable them to help both the public and private sectors as they navigate this burgeoning market."

Please visit our website for further information about TaxBit's FASB Reporting Solution and  IFRS Support.

About TaxBit
Designed by CPAs and tax attorneys, TaxBit is the digital economy's leading tax and accounting compliance solution. Our end-to-end platform, tailored for enterprises, financial institutions, and government bodies, streamlines compliance while ensuring accuracy. TaxBit is SOC 1 Type 1, SOC 2 Type 2 attestation and ISO 27001 certified. TaxBit has secured over $235 million from leading global investors, including Ribbit, IVP, Paradigm, and PayPal Ventures. TaxBit has offices in San Francisco, Seattle, Salt Lake City, New York, and Washington, D.C. For more information, please visit www.taxbit.com.

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SOURCE TaxBit