Crypto tax reporting app Binocs has raised $4m in a seed funding round led by BEENEXT and Arkam. Accel, Saison Capital, Premji Invest, Blume and Better Capital also participated in the round with the funds set to be used to expand Binocs’ offering to institutional crypto investors and enter geographies like the US, UK, Australia etc.
Founded in May 2022 by Tonmoy Shingal and Pankaj Garg, 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 portfolio tracking features allowing users to get an overview for their entire distributed crypto portfolio via a consolidated report on ROI, P&L, capital gains across all exchanges. This includes a wide range of cryptocurrencies, tokens, protocols, and smart contracts.
This funding round will help Binocs to launch in countries where tax regulations are defined and expand the team.
