Crypto tax reporting app Binocs raises $4 million in seed capital

The company is also backed by crypto-native angel investors from the US and India. Binocs, which is launching its platform in the US, UK, South Africa and Australia, will use the funds to expand its product, engineering, growth and marketing teams.

Founded in July 2022 by Tonmoy Shingal (co-founder, Mettl, acquired by Mercer in 2018) and Pankaj Garg (co-founder, Plabro Networks, ex-Google, American Express), Binocs helps simplify taxation and compliance for crypto investors.

The company enables crypto investors to simplify their accounting and brings together various Web3-based investments such as NFTs, DeFi protocols and smart contracts. Binocs helps investors stay on top of their portfolios across 300+ exchanges, 50+ wallets, NFTs and smart contracts. The platform also serves the rapidly growing pool of businesses trading in crypto to help them with compliance, accounting and portfolio tracking.

Tonmoy Shingal, Co-Founder, Binocs, said: “At a time when the various regulations around crypto-tax are causing concern among 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 must adhere to a web2 world of accounting principles and compliance. We are working to bridge this gap. We are pleased to have several renowned global investors partnering with us on this journey as we work to improve the lives of crypto investors worldwide.”

With over 20 million investors, India is among the top three crypto markets in the world and is tipped to be the world’s largest market for retail investors in a few years.

Anirudh Garg, Investor, BEENEXT, said: “As the Web3 world grows, cryptonative organizations will need solutions like Binocs to help them with their compliance, accounting and bookkeeping. 20 countries currently have tax regulations and compliance in place for cryptocurrency, and the is another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use yet powerful system early.”

Binocs aims to ensure that accurate tax calculation is performed while maintaining compliance with the latest local laws and regulations for all users. Binocs accommodates a variety of transactions right from buy/sell trades, staking, P2P transactions, Airdrops and even cross-wallet transactions. They have recently launched features to track complex trades such as derivatives, lending and borrowing across CeFi and DeFi (such as AAVE-v2 and more) platforms that set them apart from the rest. With complete transparency, the algorithm breaks down the transaction fee and TDS already paid on the transactions and then calculates tax on the net amount.

Binocs is tax compliant in India, USA, UK, Australia and South Africa. Additionally, Binocs has entered into an exclusive OAuth partnership with BitBNS, the third largest crypto exchange in India.

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