Web3’s cryptocurrency taxation and portfolio tracking startup Binocs has raised $4 million in funding led by Beenext, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures and Better Capital.
Binocs, which plans to launch its platform in the US, UK, South Africa and Australia, will use the funding to expand its product, engineering, growth and marketing teams.
The startup was founded in July 2022 by Tonmoy Shingal, co-founder of Mettl and Pankaj Garg, co-founder of Plabro Networks and former executive of Google and American Express.
Tonmoy Shingal, Co-founder of Binocs, said, “At a time when various regulations surrounding cryptocurrency taxation are raising concerns among cryptocurrency investors, we want to use our state-of-the-art technology platform to make the cryptocurrency taxation journey easier for investors.”
Crypto is a Web3 currency, but it needs to be aligned with the Web2 world of accounting principles and compliance, and we are working to bridge that gap, he added.
Pankaj Garg, Co-founder of Binocs, said, “Currently, 20 countries have tax and compliance regulations for cryptocurrencies, and another 50 countries will implement such policies in the near future. This is a great opportunity in the market to build an easy-to-use yet powerful early-stage system.”
Bala Srinivasa, Managing Director of Arkam Ventures, said: “We are delighted to support the world-class team at Binocs led by Tonmoy and Pankaj. It is early days in the Web3 space and we believe Binocs has a unique opportunity to build a dominant accountancy.” tax and compliance platform for consumers and businesses.”
Anirudh Garg, Investor of Beenext, said, “As the Web3 world grows, crypto-native organizations will need solutions like those provided by Binocs to help with compliance, accounting and bookkeeping.”
Binocs enables cryptocurrency investors to simplify their accounting and brings together various Web3-based investments such as NFTS, DeFi protocols and smart contracts. The startup claims to help investors track their portfolios across more than 300 exchanges, 50 wallets, NFTS and smart contracts.