Crypto taxation and Web3 portfolio tracking platform, Binocs, has raised $4 million in a seed funding round from global institutional investors led by BEENEXT, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.
The company is also backed by several stellar crypto-native angel investors from the US and India. Binocs, which is launching its platform in the US, UK, South Africa, and Australia, will utilise the funds to expand its product, engineering, growth, and marketing teams, said the start-up.
Founded in July 2022 by Tonmoy Shingal and Pankaj Garg, Binocs came into being to help simplify taxation and compliance for crypto investors. Binocs says it helps investors stay on top of their portfolios across over 300 exchanges, over 50 wallets, NFTs, and smart contracts. The platform also serves the fast-growing pool of businesses transacting in crypto to help them with compliance, accounting, and portfolio tracking.
Tonmoy Shingal, Co-Founder, Binocs, said, “At a time when the various regulations around crypto tax are causing apprehension amongst crypto investors, we at Binocs are on a mission to leverage our state-of-the-art technology platform to ease the crypto taxation journey for investors.”
Binocs aims to ensure accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users. Binocs caters to an array of transactions, right from buy/sell trades, Staking, P2P transactions, airdrops, and transactions across wallets. Binocs said it is tax compliant in India, the US, the UK, Australia, and South Africa.
Bala Srinivasa, Managing Director, Arkam Ventures said, “It's early days in the Web3 space and we believe Binocs has a unique opportunity to build a dominant accounting, tax, and compliance platform for consumers and enterprises.”