Cryptocurrency Taxation Startup Binocs Raises Investment

The platform for managing Web3 portfolios and cryptocurrency taxation startup Binocs had raised $4 million in a seed round from a consortium of international institutional investors led by BEENEXT.

Arkam Ventures, Blume Ventures, Accel, Saison Capital, Premji Invest, and Better Capital were other participants in the round. The startup has also received investments from a number of well-known angel investors who specialize in cryptocurrencies from the US and India.

The money raised will be used by Binocs engineering, growth, and marketing departments to develop the product and get the platform ready for launch in the US, the UK, South Africa, and Australia.

In order to simplify taxation and compliance for cryptocurrency investors, Tonmoy Shingal (co-founder of Mettl, acquired by Mercer in 2018) and Pankaj Garg (co-founder of Plabro Networks, formerly of Google and American Express (NYSE:AXP)) created Binocs in July 2022. 

The company makes it simpler for cryptocurrency investors to manage their funds by combining NFTs, DeFi Protocols, Smart Contracts, and other assets based on Web3.

The network apparently supports more than 300 exchanges, 50 wallets, NFTs, and Smart Contracts. The platform also serves the growing community of businesses dealing in cryptocurrencies by offering solutions for regulatory compliance, accounting, and portfolio management.