Coindesk Logo

PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit

PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit

PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit

PayPal Ventures, Coinbase Ventures and Winklevoss Capital invested an undisclosed amount in the firm.

PayPal Ventures, Coinbase Ventures and Winklevoss Capital invested an undisclosed amount in the firm.

PayPal Ventures, Coinbase Ventures and Winklevoss Capital invested an undisclosed amount in the firm.

AccessTimeIconJan 7, 2021, 12:56 PM
Updated May 15, 2023, 1:37 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

TaxBit, a firm providing cryptocurrency tax automation software, says it has secured investments from the venture arms of PayPal and Coinbase, as well as its existing investor Winklevoss Capital.

  • The amount invested was not disclosed in an announcement Thursday.
  • The backing reinforces "the importance of tailored software solutions, like TaxBit, in driving widespread cryptocurrency adoption," the company said.
  • TaxBit automates the complex task of cryptocurrency tax compliance for consumers, businesses and exchanges through its two primary apps.
  • PayPal's investment may be significant, with experts having previously told CoinDesk that the payment firm's new-to-crypto customers would face a "huge headache" when it comes to tax time.
  • PayPal launched crypto buying and selling services in the U.S. in October.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.