PayPal's venture arm is among a group of new investors of TaxBit, a tax compliance automation startup.
Other investors, per a Thursday morning statement, include Coinbase Ventures and Winklevoss Capital. Winklevoss Capital previously partook in the $5 million seed round for TaxBit.
The move represents the latest expansion of PayPal's footprint in the crypto space, following its headline-setting partnership with Paxos last year that saw the payments giant begin to integrate crypto into its service offerings. PayPal was reportedly said to be considering acquisitions in the industry, though a rumored purchase of crypto custodian BitGo ultimately fell through.
"We want to thank our customers, partners, and investors for helping us move the cryptocurrency space forward, " said Austin Woodward, TaxBit's founder and CEO. "This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax technology."