Binocs raised $4 million to expand crypto tax reporting app to US, UK, and Australia
“Compliance related to crypto trades and investments can be tricky, error-prone and time-consuming. Binocs is mitigating these pain points for retail users and institutions to have a seamless crypto experience. Moreover, the lack of information around crypto tax regulations is a hurdle to investing in the asset class.”
Crypto tax reporting app Binocs has raised $4 million in a funding round led by BEENEXT and Arkam with participation from Accel, Saison Capital, Premji Invest, Blume and Better Capital.
The raised funds will help Binocs pursue its plan of catering to institutional crypto investors and entering geographies like the US, UK, Australia, etc.
The firm sees value in its crypto tax reporting app because now more than 300 million people around the world have crypto assets in their investment portfolio, and that number is expected to double by 2025. Binocs will be there to help crypto holders stay on top of their regulatory responsibilities.
Compliance related to crypto can be tricky
Tonmoy Shingal, Co-Founder and CEO at Binocs, commented: “Compliance related to crypto trades and investments can be tricky, error-prone and time-consuming. Binocs is mitigating these pain points for retail users and institutions to have a seamless crypto experience. Moreover, the lack of information around crypto tax regulations is a hurdle to investing in the asset class. Using state-of-the-art technology, we ease the crypto taxation journey of our users. In essence Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are bridging this gap. Our software is compliant with the latest regulations, ensuring our users can calculate their taxes efficiently.”
Binocs helps retail crypto investors to adapt and evolve to the ever-changing dynamics of the crypto market by simplifying their accounting, taxation, compliances and helping them stay on top of their portfolios.
The app is able to compute crypto taxes in less than 30 minutes and already has over 1,000 active users. Binocs also offers the portfolio tracking features wherein users can get an overview for their entire distributed crypto portfolio which offers a consolidated report on ROI, P&L, capital gains across all exchanges. This includes a wide range of cryptocurrencies, tokens, protocols, and smart contracts.
Binocs was founded in May 2022 by Tonmoy Shingal and Pankaj Garg with the primary purpose of ensuring accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users.
Buy/Sell trades, Staking, P2P, Aidrops, Wallets, Derivatives, Lending
Binocs caters to an array of transactions right from Buy / Sell trades, Staking, P2P transactions, Airdrops and even transactions across wallets. They have recently launched features to track complex trades like Derivatives, Lending & Borrowing across CeFi and DeFi (like AAVE-v2 and more) platforms which sets them apart from the rest.
Users can link their crypto portfolios via multiple sources centralised exchanges, decentralised exchanges, wallets, and on chains directly. They can track daily portfolio movements and portfolio value (enabled by intelligent analytics), as well as download quarterly and annual tax computation and account statements. Binocs also reconciles transactions, since inception, from multiple accounts with zero errors. Binocs is tax compliant in the US, UK, Australia, South Africa, India. Other major markets will be added in the coming month.
Anirudh Garg, Investor at BEENEXT, commented: “As the Web3 world grows, crypto native organisations will need solutions like 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 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.”