Binocs, a developer of software for crypto tax reporting, has secured $4 million in a seed round backed by BEENEXT. Participants included Blume Ventures, Arkam Ventures, Accel, Saison Capital, Premji Invest, and Better Capital.
The money will be used by Binocs, whose platform is being introduced in the US, UK, South Africa, and Australia, to increase its product, engineering, growth, and marketing teams.
Binocs is a platform for tracking Web3 portfolios and Crypto taxes that was founded in 2022 by Tonmoy Shingal and Pankaj Garg.
“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. In essence, Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are working to bridge this gap. We are elated to have several renowned global investors partner with us on this journey as we work to better the lives of crypto investors across the world”, Tonmoy Shingal, Co-Founder, Binocs, said.
The Bengaluru-based startup, which has more than 1,000 members on its platform, is now in the pre-revenue stage and will commercialize in the future by using a freemium model as well as an economic benefit for business investors.
“As the Web3 world grows, crypto native organisations will need solutions like Binocs to help them with their compliances, accounting, and bookkeeping. 20 countries currently have tax regulations and compliances in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on”, Anirudh Garg, Investor, BEENEXT, said.
The company gathers numerous Web3-based investments, such as NFTs, DeFi protocols, and smart contracts, and assists cryptocurrency investors in streamlining their bookkeeping.
Bala Srinivasa, Managing Director, Arkam Ventures said, “We are delighted to back a world-class team at Binocs led by Tonmoy and Pankaj. 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.”
According to Binocs, tax reports can be delivered in under 30 minutes. Taxes for derivatives, borrowing, and borrowing throughout CeFi and DeFi are likewise tracked, along with return on investment, earnings and losses, and capital exchanges.