The Viennese start-up Blockpit receives a hefty financial injection of 10 million US dollars. With this, the crypto tax service wants to grow further.
The crypto tax service Blockpit is happy about a massive windfall. In total, the Viennese company will receive a little over 10 million US dollars from a financing round. The Austrian start-up announced this on Wednesday, July 7th, in a press release that BTC-ECHO has received. The fresh capital comes from five new donors and an existing investor from the FinTech and blockchain sector. Among them financiers who have already invested in projects like Ripple or Coinbase.
Blockpit would like to continue growing with the financial injection. The company recently expanded into Spain and France. Now look around for other locations, as Blockpit CEO Florian Wimmer explains to BTC-ECHO:
We would like to use the new capital, among other things, to expand our service to other countries. Having recently expanded to Spain and France, Italy and the Netherlands are the next hot candidates. The focus is also on the further development of additional functions, which are intended to provide an even better overview of reporting and trading decisions.
Blockpit CEO Florian Wimmer opposite BTC-ECHO.
Blockpit: “Customer influx since the last bullrun”
The expansion plans will undoubtedly also benefit from the last bull run. Since then, the in-house CryptoTax software has been attracting a large number of private customers. According to Blockpit CEO Florain Wimmer, striving for tax clarity and security is decisive here. Nevertheless, the majority of investors have not yet documented their crypto trades. And that, although according to one Extrapolation of the company in partnership with the Frankfurt School of Blockchain Center are said to have become taxable around 1.2 billion euros in 2020.
So far, the majority of investors have not yet documented their trades. Unfortunately, the subsequent processing of past data is in some cases very time-consuming or even impossible, which is why it is advisable to use automated tracking services such as ours at an early stage.
Blockpit CEO Florian Wimmer opposite BTC-ECHO.
BMF tax draft “no big surprise”
Blockpit is following the regulatory developments in Germany with skepticism. The current tax draft from the Federal Ministry of Finance (BMF) also provided a topic of conversation at the Austrian company. All in all, the paper from the tax authorities is not a big surprise, as the guidelines that the BMF is now trying to manifest had already been used before.
Nevertheless, there is definitely room for improvement. Florian Wimmer:
However, there are still uncertainties about the ten-year deadlines for staking and lending. The BMF has to make improvements here, as the regulation in its current form in the crypto area is technically not feasible in many cases.
Blockpit CEO Florian Wimmer opposite BTC-ECHO.
The company will shortly be issuing its own statement on the draft.
If you are still looking for a control software for your crypto trades, you can take a look at our experience report on Blockpit. We put the platform through its paces.