“Compliance related to crypto transactions and investments can be tricky, error-prone, and time-consuming. Binocs mitigates these pain points for retail users and institutions to have a seamless crypto experience. Additionally, the lack of information about crypto tax regulations is a barrier to investing in the asset class.
Crypto tax reporting app Binocs raised $4 million in a funding round led by BEENEXT and Arkam with participation from Accel, Saison Capital, Premji Invest, Blume and Better Capital.
The funds raised will help Binocs continue its restoration plan with institutional crypto investors and expand into geographies like the US, UK, Australia, etc.
The company sees value in its crypto tax reporting app, as more than 300 million people worldwide have crypto assets in their investment portfolio, and that number is expected to double by 2025. Binocs will be there to helping crypto holders stay on top. their regulatory responsibilities.
Crypto compliance can be tricky
Tonmoy Shingal, co-founder and CEO of Binocs, commented, “Compliance related to crypto transactions and investments can be tricky, error-prone and time-consuming. Binocs mitigates these pain points for retail users and institutions to have a seamless crypto experience. Additionally, the lack of information about crypto tax regulations is a barrier to investing in the asset class. Using state-of-the-art technology, we make the crypto tax journey easy for our users. Essentially, Crypto is a Web3 currency, but must adhere to a Web2 world of accounting principles and compliance. We are closing that gap. Our software complies with the latest regulations, guaranteeing our users an efficient calculation of their taxes.
Binocs helps retail crypto investors adapt and evolve to the ever-changing dynamics of the crypto market by simplifying their accounting, tax, compliance, and helping them stay on top of their portfolios.
The app is able to calculate crypto taxes in less than 30 minutes and already has over 1,000 active users. Binocs also offers the portfolio tracking features where users can get an overview of their entire distributed crypto portfolio which offers a consolidated report on ROI, P&L, capital gains across all exchanges. This includes a wide range of cryptocurrencies, tokens, protocols, and smart contracts.
Binocs was founded in May 2022 by Tonmoy Shingal and Pankaj Garg with the primary purpose of ensuring an accurate tax calculation is performed while maintaining compliance with the latest local laws and regulations for all of its users.
Buy/Sell Operations, Staking, P2P, Aidrops, Wallets, Derivatives, Lending
Binocs caters to an array of transactions straight from buy/sell transactions, staking, P2P transactions, Airdrops, and even cross-wallet transactions. They recently launched features to track complex transactions such as derivatives, lending and borrowing on CeFi and DeFi platforms (like AAVE-v2 and more), which sets them apart from the rest.
Users can link their crypto wallets through multiple source centralized exchanges, decentralized exchanges, wallets, and directly on chains. They can track daily portfolio movements and portfolio value (through smart analytics), as well as download quarterly and annual tax calculations and account statements. Binocs also reconciles transactions, since its inception, from multiple accounts with zero errors. Binocs is tax compliant in the US, UK, Australia, South Africa and India. More major markets will be added over the coming month.
Anirudh Garg, Investor at BEENEXT, commented, “As the world of Web3 grows, crypto native organizations 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 50 more that will be implementing such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful system early on. »