Yesterday PayPal-backed cryptocurrency software provider TaxBit announced the completion of a $130 million Series B funding round led by IVP and Insight Partners. This comes after one of its competitors, Bitwave, raised a $7.25 million funding round yesterday.
With the latest funding valuation TaxBit at $1.33 billion, just five months ago, the startup closed its Series A funding round of $100 million.
The digital asset industry is growing rapidly, with cryptocurrency increasingly offered alongside traditional assets. This is prompting regulatory bodies to implement more formal reporting practices across cryptocurrency transactions and investments.
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