Cryptio raises $10m to develop tax tools

Accounting platform Cryptio has earmarked $10m of funding for improvements to its tax accounting platform amid an increasingly challenging taxation regime for crypto businesses.

The fund was led by European venture capital firm Point Nine, alongside BlueYard Capital, CoinShares, Avantgarde Finance, Protocol Labs, and Draper Associates among others.

The money will be used to help Cryptio expand its expertise, maintain know-how and have the resources available to assist financial institutions more easily.

Cryptio has developed a cross-chain blockchain data layer product that facilitates reporting. The new funding will further assist the company to continue innovating its underpinning technology and deliver on automated accounting and tax reporting in this fast-developing space. All of this will be done in line with current regulatory norms, the company said.

Point Nine is similarly optimistic. “A back-office infrastructure designed for crypto is one of the most critical yet still missing infrastructures in order to enable broader corporate adoption of token-based financial products”, said Point Nine partner Louis Coppey in a statement.

Meanwhile, Cryptio will be investing in its products to ensure that it’s prepared for all scenarios. In one case, its software can determine if an asset has lost its value drastically.

More DeFi tracking is coming as well, empowering businesses to explore new cryptocurrency investment opportunities and not fear missing tax targets.

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Source

Updated: 06/08/2022 — 09:00