Crypto tax reporting app Binocs helps users navigate regulations
Summary
The round was led by BEENEXT and Arkam with participation from Accel, Saison Capital, Premji Invest, Blume and Better Capital.Founded in May 2022 by Tonmoy Shingal and Pankaj Garg and based in Bangalore, Binocs currently has over 1,000 users, including retail and institutional investors who need to perform forensic accounting and risk management. Part of the funding will be used for product development and Binocs go-to-market teams for retail and institutional investors.Binocs can provide a tax report in less than 30 minutes. It also tracks return on investment, profits and losses and capital exchanges, as well as taxes for derivatives, lending and borrowing across CeFi and DeFi. The app can give users details on fees and tax deducted at source already paid on transactions so they understand how much taxes they need to pay.Shingal told TechCrunch that Binocs is meant to be a bridge connecting transactions on the blockchain to the [Web 2.0] equivalent compliance world, especially as the number of coins, exchanges, types of trade and DeFi protocols increase.There are currently about 300 million crypto users, and that is expected to hit about 1 billion by the end of this year.Binocs founders point to figures from the Coin Market Cap that say the total market cap of the crypto industry rose from about $325 billion in September 2020 to $1 trillion in September 2022. We think of ourselves as a data company that understands what is going on in crypto transactions and build applications for multiple use cases on top in the future, Shingal said.Binocs is currently pre-revenue and will monetize by operating on a freemium model, as well as an enterprise plan for business investors.