ZenLedger, the main cryptocurrency tax software program, and blockchain analytics startup, at the moment introduced a $6 million Collection A funding spherical led by Bloccelerate VC. Buyers embrace Mark Cuban’s Radical Ventures, G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Property, CoinGecko, Accelerator Ventures, and angel buyers Jon Staenberg and Darren Lau. The elevate consists of recommitment from earlier buyers Vestigo Ventures, Fort Island Ventures, Migration Capital, Blackwater Capital, and Karl Muth.
The cryptocurrency {industry} has seen fast development and adoption over the past 5 years with a peak market cap of $2.5T and tons of tens of millions of customers and buyers worldwide. State, Federal, and Worldwide regulatory bodies just like the J5 and IRS have begun to position extra stringent reporting measures for cryptocurrency investments and transactions. ZenLedger’s platform helps buyers and accountants adhere to IRS and SEC rules by offering a digital workflow to simplify, optimize, and automate the tax and accounting course.
Based in 2017 by CEO Pat Larsen and CTO Bryan Starbuck, ZenLedger has raised a complete $11.5 million in funding so far and continues to dominate the crypto tax house. With this newest spherical of funding, the corporate plans to launch its cryptocurrency portfolio administration answer that permits buyers and merchants to simply view their portfolio efficiency and observe their tax financial savings multi-function repeatedly up-to-date dashboard. The corporate additionally plans to develop its crew by way of new hires in advertising, enterprise gross sales, customer support, and software program engineering, to additional advance the product and buyer expertise.
“Cryptocurrency goes to proceed to remodel finance and attain into our day by day lives, however, it’s nonetheless thought-about a thriller to many,” stated Pat Larsen, CEO. “It is an honor to assist folks by relieving their stress and fear about crypto taxes. We’re thrilled to work with such an unimaginable community of buyers, and we’re excited to proceed making cryptocurrency extra accessible to all.”
“I see blockchain, crypto, DeFi, and NFTs all creating large worth,” stated investor Mark Cuban. “The core accounting and reporting infrastructure that ZenLedger supplies will likely be important to creating everybody’s lives simpler as they earn, transact, and put money into crypto.”
“The proliferation of blockchain functions and digital belongings is exponentially rising compliance and reporting complexities for each retail buyers and authorities businesses alike,” stated Kate Mitselmakher, Common Accomplice at Bloccelerate VC. “ZenLedger is on the forefront of supporting this pattern with industry-leading instruments that may solely develop quickly in demand. We’re extraordinarily excited to companion with the exceptionally gifted, pushed, and inventive crew from ZenLedger.”
ZenLedger’s platform supplies each tax professionals and customer with tax filings and monetary evaluation by way of its user-friendly interface and glorious customer support. The corporate has grown its buyer rely on and income 500% YoY, and has exceeded $5 billion in cryptocurrency transactions processed.
About ZenLedger
Based in 2017, and constructed by {industry} veterans in know-how, finance, and accounting, ZenLedger aggregates consumer transaction info throughout hundreds of exchanges, wallets, and tokens into one easy dashboard, making it simple to calculate tax legal responsibility and make monetary selections. ZenLedger helps cryptocurrency buyers and tax professionals keep compliant with integration help for over 400+ exchanges, 40+ blockchains, 20+ DeFi protocols, and all wallets.
