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Crypto tax solution provider, ZenLedger raises $6M in Series A funding

ZBC

TL;DR Breakdown

  • Crypto tax firm, ZenLedger raises $6M in Series A funding
  • ZenLedger to release its crypto portfolio that enables investors track their tax savings

Crypto tax firm, ZenLedger, and blockchain analytics startup, announced a $6 million Series A funding round led by Bloccelerate VC on Tuesday.

Investors in the Crypto tax firm include Mark Cuban’s Radical Ventures, G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Assets, CoinGecko, and angel investors Jon Staenberg and Darren Lau, according to a press release sent to Cryptopolitan.

The others include recommitment from previous investors Vestigo Ventures, Castle Island Ventures, Migration Capital, Blackwater Capital, and Karl Muth.

The cryptocurrency industry has seen rapid growth and adoption over the last five years, with a peak market cap of $2.5T and hundreds of millions of users and investors worldwide.

State, Federal, and International regulatory bodies like the J5 and IRS have begun to place more stringent reporting measures for cryptocurrency investments and transactions. ZenLedger’s platform helps investors and accountants adhere to IRS and SEC regulations by providing a digital workflow to simplify, optimize, and automate the tax and accounting process.

Crypto tax firm releases next step after funding

Founded in 2017 by CEO Pat Larsen and CTO Bryan Starbuck, ZenLedger has raised a total of $11.5 million in funding to date and continues to dominate the crypto tax space. With this latest round of funding, the company plans to release its cryptocurrency portfolio management solution that enables investors and traders to easily view their portfolio performance and track their tax savings all in one continuously updated dashboard.

The company also plans to grow its team through new hires in marketing, enterprise sales, customer service, and software engineering to further advance the product and customer experience.

“Cryptocurrency is going to continue to transform finance and reach into our daily lives, but it is still considered a mystery to many,” said Pat Larsen, CEO. “It’s an honor to help people by relieving their stress and worry about crypto taxes. We are thrilled to work with such an incredible network of investors, and we are excited to continue making cryptocurrency more accessible to all.”

“I see blockchain, crypto, DeFi, and NFTs all creating tremendous value,” said investor Mark Cuban. “The core accounting and reporting infrastructure that ZenLedger provides will be critical to making everyone’s lives easier as they earn, transact, and invest in crypto.”

“The proliferation of blockchain applications and digital assets is exponentially increasing compliance and reporting complexities for both retail investors and government agencies alike,” said Kate Mitselmakher, General Partner at Bloccelerate VC. “ZenLedger is on the forefront of supporting this trend with industry-leading tools that will only grow rapidly in demand. We are extremely excited to partner with the exceptionally talented, driven, and creative team from ZenLedger.”

ZenLedger’s platform provides both tax professionals and consumers with tax filings and financial analysis through its user-friendly interface and excellent customer service.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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