Korean Firm CryptoTax Secures New Funding, Eyes New Collaboration

According to a local Korean media outlet, CryptoTax, the virtual asset tax and accounting platform operated by Korean firm Double Xsoft, has successfully secured funding in a pre-Series A investment round. Per the report, this achievement comes just fourteen months after the platform attracted seed investment from the prominent Korean blockchain-focused investment firm Hashed.

The specific investment amount raised in the recent funding round has yet to be disclosed. Yoon Dong-hwan, CEO of Double Xsoft, remarked that the investment would fuel the expansion of CryptoTax’s partnerships, propelling the platform to grow rapidly in the realm of virtual asset tax and accounting.

Notably, CryptoTax functions as a comprehensive platform catering to both individual and corporate clients. Its suite of services includes cryptocurrency monitoring, transaction proof, and tax calculation and reporting services.

Per the report, CryptoTax incorporates and analyzes transaction data from various domestic and international crypto exchanges and wallets to provide crypto users with digital asset tax and accounting solutions.

While CryptoTax has a dedicated app for individual investors to estimate their tax on crypto, it offers specialized services for institutions involved in crypto under the service-oriented software “CryptoTax Enterprise.” Specifically, corporate users benefit from features like type-specific automatic accounting processing and the issuance of accounting data.

Kwon Oh-hyung, CEO of FuturePlay, stated that transparent reporting of cryptocurrency transactions has become indispensable with the earnest introduction of virtual asset legalization. He added that CryptoTax is poised to become an essential service for all virtual asset holders, leveraging its comprehensive knowledge of diverse virtual assets and its formidable capability to analyze transaction data.