Crypto tax reporting app Binocs raises $4M in Seed round of funding

Crypto taxation and Web3 portfolio tracking platform Binocs has raised $4 million in a Seed round led by BEENEXT. Firms such as Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital too participated in the round.

Binocs intends to use the capital raised to expand its product, engineering, growth, and marketing teams.

Tonmoy Shingal and Pankaj Garg co-founded Binocs in July 2022 to simplify taxations and compliance for crypto investors. The firm helps crypto investors to simplify their accounting and aggregates various Web3-based investments such as NFTs, DeFi protocols, and smart contracts.

Tonmoy Shingal, Co-Founder of Binocs, said, in a press release, "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.”

Crypto tax in India

Earlier this year, the Indian government introduced a 30% income tax on crypto profits and a 1% TDS (tax deducted at source) on crypto transactions. According to a report by CNBC, crypto investors are finding it hard to file their crypto tax due to lack of knowledge about digital currency taxes.

Platforms such as KoinX and Clear have emerged to solve crypto taxation problems. International platforms such as CoinTracker and TaxBit are also looking to enter the Indian market. Binocs too intends to do the same. Besides the India market, Binocs is also launching its platform in the US, the UK, South Africa, and Australia.