Crypto tax reporting app Binocs raises $4 million in seed capital

NEW DELHI: Binocs, a crypto taxation and Web3 portfolio tracking platform, has raised $4 million in its seed round from global institutional investors led by BEENEXT, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.

The company is also backed by crypto-native angel investors from the US and India. Binocs, which is launching its platform in the US, UK, South Africa, and Australia, will utilise the funds to expand its product, engineering, growth, and marketing teams.

Founded in July 2022 by Tonmoy Shingal (co-founder, Mettl, acquired by Mercer in 2018) and Pankaj Garg (co-founder, Plabro Networks, ex-Google, American Express), Binocs helps simplify taxations and compliance for crypto investors.

The company enables crypto investors to simplify their accounting and aggregates various Web3-based investments such as NFTs, DeFi Protocols, and Smart Contracts. Binocs helps investors stay on top of their portfolios across 300+ exchanges, 50+ wallets, NFTs, and Smart Contracts. The platform also serves the fast-growing pool of businesses transacting in crypto to help them with compliance, accounting, and portfolio tracking.

Tonmoy Shingal, co-founder, Binocs, said, “At a time when the various regulations around crypto tax are causing apprehension amongst crypto investors, we at Binocs are on a mission to leverage our state-of-the-art technology platform to ease the crypto taxation journey for investors. In essence, Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are working to bridge this gap. We are elated to have several renowned global investors partner with us on this journey as we work to better the lives of crypto investors across the world.”

With over 20 million investors, India is among the top three crypto markets in the world and is touted to be the world’s largest market for retail investors in a few years.

Anirudh Garg, investor, BEENEXT, said, “As the Web3 world grows, crypto native organisations will need solutions like Binocs to help them with their compliances, accounting, and bookkeeping. 20 countries currently have tax regulations and compliances in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on.”

Binocs aims to ensure accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users. Binocs caters to an array of transactions right from Buy / Sell trades, Staking, P2P transactions, Airdrops, and even transactions across wallets. They have recently launched features to track complex trades like Derivatives, Lending & Borrowing across CeFi and DeFi (like AAVE-v2 and more) platforms which sets them apart from the rest. With complete transparency, the algorithm breaks down the transaction fee and TDS already paid on the transactions and then calculates tax on the net amount.

Binocs is tax compliant in India, the US, the UK, Australia, and South Africa. In addition, Binocs has forged an exclusive OAuth partnership with BitBNS, the third largest crypto exchange in India.