Immediately ZenLedger introduced a $6 million Sequence A funding spherical led by Bloccelerate VC, bringing cumulative funding to $11.5 million. A excessive profile investor within the cryptocurrency tax software program and analytics agency is Mark Cuban’s Radical Ventures, one among a number of members.
With the fast development of the digital asset business, regulatory our bodies such because the J5 (Joint Chiefs of World Tax Enforcement) and the IRS have applied extra stringent reporting measures for cryptocurrency transactions and investments. That’s aside from the brand new Senate Infrastructure Bill, which goals to increase the reporting even additional.
ZenLedger goals to make investing in cryptocurrency simpler for customers by means of a digital workflow platform that adheres to IRS and SEC rules. Its current resolution helps tax submitting and gives monetary evaluation.
The brand new funding shall be used to launch a cryptocurrency portfolio administration resolution that permits buyers and merchants to trace their tax financial savings and portfolio efficiency in a real-time dashboard.
By simplifying and automating the tax accounting course of, ZenLedger hopes that it could actually proceed to make crypto funding extra accessible to a rising community of customers.
“I see blockchain, crypto, DeFi, and NFTs all creating super worth. The core accounting and reporting infrastructure that ZenLedger gives shall be important to creating everybody’s lives simpler as they earn, transact, and put money into crypto,” stated investor Mark Cuban.
ZenLedger faces competitors from startups equivalent to Lukka, a crypto-asset software program supplier that raised $53 million in March in a Sequence D spherical of funding.
Lukka has many merchandise aside from tax, together with offering knowledge worth feeds to S&P Dow Jones Indices and IHS Markit. Final week it introduced it was partnering with State Street on a digital asset fund resolution.
In the meantime, Mark Cuban is doubling down on his curiosity in blockchain, having simply invested in AlchemyNFT final week.
The total listing of members for ZenLedger’s funding spherical consists of G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Property, CoinGecko, and angel buyers Jon Staenberg and Darren Lau. Present buyers collaborating are Vestigo Ventures, Citadel Island Ventures, MigraCon Capital, Blackwater Capital, and Karl Muth.