Crypto tax and accounting startup Ledgible has closed a $20 million Series A led by asset management firm EJF Capital. Thomson Reuters Ventures, Fenbushi US and TTV Capital among others also joined the round, according to a release.
Ledgible says it integrates major blockchains, exchanges, wallets, and professional accounting tools in order to determine tax liabilities for both consumers and enterprises. The funding will be used to expand its product offering, as well as to recruit experts for its 'professional tax' and 'enterprise accounting' product lines.
“For any individuals, institutions, or enterprises that hold or deal with crypto assets, the ability to properly account for them and realize the appropriate gain and loss for tax and accounting purposes is essential,” said Ledgible CEO Kell Canty in a statement.
This new investment comes as numerous territories around the world begin to evaluate how to tax digital assets. Most recently, Germany confirmed that crypto sold after one year won't incur taxes, while in South Korea, the government is looking at ways to ease crypto tax requirements.
It is also the latest in a growing number of venture capital deals in the crypto tax space. Last month, for example, ZenLedger raised a $15 million Series B round led by ParaFi Capital.