Blockchain Startup Raises $24.8 Million to Bring Tax Auditing to Crypto Assets
Libra, a provider of financial reporting services for the crypto assets ecosystem, has closed a $15 million Series B funding round, bringing the company’s total funding to $24.8 million.
The funding bodes positively for financial institutions interested in expanding into cryptocurrency since Libra has been able to apply the type of reporting tools that such institutions use to the cryptocurrency sector. Libra specialize in transforming crypto transactional data into audit-ready information for financial institutions.
Libra Achieves A Benchmark
“Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators,” Jake Benson, Libra founder and CEO, said in a prepared statement.
The investors’ commitment will allow Libra to expand its customer offerings, build its team and strengthen its customer base, Benson said.
The company will use its funding to support the development of its Libra Crypto Office platform, in addition to new products to be released later this year.
Libra’s service automates audit, accounting and tax processes for exchanges, trading operations, funds, fund administrators and enterprises.
Expansion Into New Markets
The capital infusion will support the company’s expansion into new markets such as custodians, miners and lenders, as well as supporting its chances for continued growth.
The new round was led by Libra’s previous lead investor, with continued participation from Liberty City Ventures.
Libra’s bitcoin tax accounting service, LibraTax, helps CPAs and businesses account for cryptocurrency transactions. In 2014, the IRS gave guidance that cryptocurrency is taxable as property rather than currency and is classified as a capital tax.