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 on which taxes must be paid. Salt Lake City-based startup TaxBit calculates how much you owe the government for consumers and businesses alike. Now, two big players are investing in the startup at an undisclosed amount: PayPal Ventures and Coinbase Ventures. This is to grow the team and expand the business.

For both backers, it is a logical step: PayPal has also been offering its customers business with cryptocurrencies since last year, so a possible integration of TaxBit's offering is conceivable. Coinbase is a platform for exclusively cryptocurrencies. Just in the last year, investors have discovered bitcoin for themselves, the price of the currency rose to new records.

TaxBit had previously partnered with the Winklevoss twins' crypto exchange Gemini, who are also investing in the startup through Winklevoss Capital.