TaxBit receives strategic investments from Haun Ventures

Cryptocurrency taxation software provider TaxBit has received an investment from Haun Ventures.

The venture capital firm, created by former federal prosecutor and general partner of Andreessen Horowitz, Katie Haun, aims to help the development of crypto firms through funding and interaction with politicians and regulators. It became known that in March of this year, Haun raised $ 1.5 billion for two venture funds focused on cryptocurrency. Since then, the funds have invested in non-fungible token platforms and web3 community developers among other projects.

TaxBit is his latest strategic investment, which comes after a significant increase in regulatory oversight regarding cryptocurrency tax reporting. A provision in last year’s Infrastructure and Workplace Investment Act extended the definition of “broker” to members of the cryptocurrency network, meaning that additional tax standardization for crypto firms is expected in the next tax season. TaxBit provides software to help accountants and investors comply with the tax burden.

“The Haun Ventures team shares TaxBit’s vision of working with regulators to promote responsible regulation that enables the adoption of digital assets on a large scale,” TaxBit founder and CEO, Austin Woodward, said in a statement.

TaxBit reached a unicorn valuation of $1.33 billion after a Series B round of $130 million last August. That came just five months after the $100 million Serie A round.