PayPal bought Taxbit company to process taxes on cryptocurrencies

Contents

PayPal invested in cryptocurrency startup Taxbit

PayPal invested in cryptocurrency startup Taxbit
CONTENT

  • PayPal prepares a platform for the mainstream cryptocurrency

  • Investment size remains unknown

  • The funds raised will be used to expand Taxbit’s business

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The largest electronic payment system has invested in a startup Taxbit, which offers services for the registration of taxes on cryptocurrency assets

One of the largest electronic payment systems PayPal has invested in Taxbit, a startup that deals with taxes on cryptocurrencies.

PayPal invested in cryptocurrency startup Taxbit

This is reported by Reuters with reference to the founder of Taxbit Austin Woodward..

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The size of the investment has not been disclosed, but Woodward said the funds raised will go towards developing the team and expanding the business internationally..

“Going international is a big puzzle,” said Woodward.

Taxbit previously raised funds through Coinbase Ventures and Winklevoss Capital.

Landscape formation

US-based startup Taxbit has already built a client base among cryptocurrency exchanges including Gemini, BlockFi, Uphold, and CEX.io. With the help of capital, users of trading platforms can generate tax reports depending on the volume of cryptocurrency capital and trading activity.

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PayPal invested in Taxbit shortly after officially entering the cryptocurrency market: the payment service allowed customers to trade cryptocurrency directly. Soon the head of PayPal Dan Shulman said at all that cryptocurrency payments will become part of the global financial system..

“… In the long term, I am very optimistic about all digital currencies,” Shulman said earlier..

Earlier PayPal tried to acquire cryptocurrency custodian BitGo, but the deal fell through.

PayPal invested in cryptocurrency startup Taxbit

The reasons for the failure of the deal were not named, but the head of BitGo Mike Belsh said that so far the custodian is not making a profit, as it is in “growth mode”.

With its investment in Taxbit, PayPal wants to set the stage for the massive adoption of cryptocurrency. According to the calculations of the cryptocurrency exchange Coinbase, the size of institutional investments in bitcoin in 2020 increased by 3.5 times and exceeded $ 20 billion. At the same time, according to the head of Pantera Capital Dan Morehead, it is the institutions that create a shortage of assets on the market that are behind the rise in the price of bitcoin. 

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