Crypto tax reporting app Binocs raises $4M in Seed round of funding
Summary
Crypto taxation and Web3 portfolio tracking platform Binocs has raised $4 million in a Seed round led by BEENEXT. Firms such as Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital too participated in the round.Binocs intends to use the capital raised to expand its product, engineering, growth, and marketing teams.Tonmoy Shingal and Pankaj Garg co-founded Binocs in July 2022 to simplify taxations and compliance for crypto investors. In essence, crypto is a Web3 currency but has to comply with a Web2 world of accounting principles and compliance. International platforms such as CoinTracker and TaxBit are also looking to enter the Indian market. Besides the India market, Binocs is also launching its platform in the US, the UK, South Africa, and Australia.