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BearTax Raises $3.2 Million in Seed Round

BearTax will use the funds for accelerating growth.

BearTax, a startup that offers cryptocurrency tax software, announced a $3.2 Million Seed Round led by Seattle-based seed fund, Ascend VC. 

They are also joined by BAM Ventures, defi.vc, Draper Startup House, Hustle Fund, Tacoma Venture Fund, Sketchnote Partners, Liquid 2 Ventures, and more.

“We’re thrilled to have the support of top-tier investors for our first round of outside funding. They’re betting on our vision, our winning strategy, and our ability to innovate and execute to capture this quickly-evolving global market.”

Tela Andrews, CEO of BearTax

BearTax began 2018 with a vision to automate crypto tax calculations for investor reporting. Designed as a scalable and global platform from the beginning, BearTax has helped over 13,000 investors maximize their gains and is looking to accelerate growth with this round of funding.

“There will be billions in taxes owed to global governments on cryptocurrency gains for 2021. But crypto tax preparation software as a service is in its infancy. With his background running product at the largest enterprise tax software company in the world, Tela is just the founder to tackle this problem.” — Kirby Winfield, Founding General Partner at Ascend VC.

The startup works by integrating with wallets and exchanges to calculate gain-loss and file taxes on cryptocurrency transactions.

Now the Government is also working to simplify crypto taxation in India. This provides a huge opportunity for Chartered Accountants and startups to capitalize.

News recommendation: Are Promoter Led Crypto Projects Truly Decentralized?

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