Sydney brothers raise $4m to help solve cryptocurrency tax ‘nightmare’ | domp
A Sydney sibling duo has raised $4 million from a swathe of high-profile backers to help crypto investors streamline their tax affairs as the Australian Taxation Office ramps up its crackdown on unpaid digital asset taxes.
“Out of that experience, we ran into this issue with crypto tax returns, which was ‘how do you do your taxes if there isn’t a financial middleman there to provide you with the tax history?’,” he said.“The transaction history getting published to the blockchain is in a format that isn’t anything that resembles what somebody needs from a tax perspective. So that’s what we set out to solve.”
Local venture capital firm Airtree has led the round, joined by US crypto giant Coinbase and 20VC, a fund run by podcaster turned investor Harry Stebbings.John Henderson, Airtree’s partner with a focus on the emerging crypto and Web3 space, said the Brunette brothers were well-placed to benefit from the growing scrutiny from tax authorities on the cryptocurrency space.
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