Korean Firm CryptoTax Secures New Funding, Eyes New Collaboration

Published 23/11/2023, 17:22
Korean Firm CryptoTax Secures New Funding, Eyes New Collaboration

Coin Edition -

  • Korean virtual asset tax and accounting platform CryptoTax achieved a funding triumph in a pre-Series A round.
  • The new funding comes 14 months after securing seed investment from Hashed.
  • Double Xsoft’s CEO plans to leverage the recent investment to rapidly expand CryptoTax’s partnerships.

According to a local Korean media outlet, CryptoTax, the virtual asset tax and accounting platform operated by Korean firm Double Xsoft, has successfully secured funding in a pre-Series A investment round. Per the report, this achievement comes just fourteen months after the platform attracted seed investment from the prominent Korean blockchain-focused investment firm Hashed.

The specific investment amount raised in the recent funding round has yet to be disclosed. Yoon Dong-hwan, CEO of Double Xsoft, remarked that the investment would fuel the expansion of CryptoTax’s partnerships, propelling the platform to grow rapidly in the realm of virtual asset tax and accounting.

Notably, CryptoTax functions as a comprehensive platform catering to both individual and corporate clients. Its suite of services includes cryptocurrency monitoring, transaction proof, and tax calculation and reporting services.

Per the report, CryptoTax incorporates and analyzes transaction data from various domestic and international crypto exchanges and wallets to provide crypto users with digital asset tax and accounting solutions.

While CryptoTax has a dedicated app for individual investors to estimate their tax on crypto, it offers specialized services for institutions involved in crypto under the service-oriented software “CryptoTax Enterprise.” Specifically, corporate users benefit from features like type-specific automatic accounting processing and the issuance of accounting data.

Kwon Oh-hyung, CEO of FuturePlay, stated that transparent reporting of cryptocurrency transactions has become indispensable with the earnest introduction of virtual asset legalization. He added that CryptoTax is poised to become an essential service for all virtual asset holders, leveraging its comprehensive knowledge of diverse virtual assets and its formidable capability to analyze transaction data.

The post Korean Firm CryptoTax Secures New Funding, Eyes New Collaboration appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.