Paypal and Coinbase invest in TaxBit

The start-up from the USA calculates the taxes due on cryptocurrencies. Now PayPal Ventures and Coinbase Ventures are investing an undisclosed sum.

In many countries, cryptocurrencies are treated as property for which taxes must be paid. The start-up TaxBit from Salt Lake City calculates how much is owed to the state for both consumers and companies. Two major players are now investing an undisclosed amount in the start-up: PayPal Ventures and Coinbase Ventures. The aim is to expand the team and grow the business.

It is a logical step for both investors: PayPal has also been offering its customers cryptocurrency transactions since last year, so a possible integration of TaxBit's offering is conceivable. Coinbase is a platform exclusively for cryptocurrencies. Just last year, investors discovered Bitcoin for themselves and the price of the currency rose to new records.

TaxBit had previously entered into a partnership with the Gemini crypto exchange run by the Winklevoss twins, who are also investing in the start-up via Winklevoss Capital.