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ZenLedger will use these new funds to release its unique cryptocurrency portfolio management solution in addition to expanding the talent pool.
ZenLedger is part of the fast-evolving cryptocurrency space with a current market cap of $2.5 trillion encompassing a user base spread across the world. As the volume keeps increasing, the complications and challenges accompany and that is where ZenLedger steps in; to make the life of all traders, investors as well as accountants easier. ZenLedger is one of the few tax management tools for crypto. Amidst the growing attention from regulatory bodies like the J5 and IRS and in the background of the still in progress Senate Infrastructure Bill, the enhancement of this tax software platform was never so relevant. The cryptocurrency tax software and blockchain analytics startup recently announced $6 million funding in Series A round thus taking its total funding value to $11.5 million.
Details about the ZenLedger Series A Funding
Bloccelerate VC was the leading investor in this ZenLedger funding round. Others included billionaire entrepreneur Mark Cuban, who recently invested in another crypto entity AlchemyNFT, Borderless Capital, G1 VC, BIGG Digital Assets, 4RC, Accelerator Ventures and Centrality. Angel investors Jon Staenberg and Darren Lau apart from a recommitment from previous investors Vestigo Ventures, Castle Island Ventures, Migration Capital, Blackwater Capital, and Karl Muth made up the investor pool.
In a blog article about the funding on the ZenLedger website, the company confirms the new funds will be used to release their unique cryptocurrency portfolio management solution that will provide users with a real-time dashboard displaying their portfolio performance and tax savings. New hiring for expanding the talent pool to further enhance customer experience will take up a certain part of the proceeds.
About the Company
ZenLedger was started in 2017 by two industry veterans, the current CEO Pat Larsen and CTO Bryan Starbuck, to simplify DeFi and Crypto Taxes for Investors and Tax Professionals. This platform enables its users to adhere to IRS and SEC regulations through a digital workflow that simplifies, optimizes, and automates the crypto tax and accounting process. ZenLedger has advanced capabilities through which it aggregates user transaction details from thousands of wallets, exchanges, and tokens into one single spreadsheet for easy analysis. It also provides integration support for over 40+ blockchains, 400+ exchanges, 20+ DeFi protocols, and all crypto wallets.
Unique Features of ZenLedger
- Pricing – The platform offers multiple Pricing Plans that give a number of options to the customers as per their requirements.
- Customer Support – Through multiple channels of chat, phone, or email, ZenLedger gives Premium Support to customers all 7 days of the week.
- Tax-Loss Harvesting Tool – This feature automates the analysis of your trade history thereby giving a complete list of tax saving options to choose from
- Grand Unified Accounting – A unique offering from ZenLedger, the Grand Unified Accounting enables customers to find their transaction history across multiple wallets and exchanges in one single spreadsheet.
- TurboTax Direct Integration – ZenLedger allows its users to integrate their transactions with TurboTax, the latter being ZenLedger’s official partner.
- Secure and Encrypted Data – The platform uses 2-Factor authentication and offers sophisticated encryption and security technology to keep user data private and safe.
ZenLedger has already made its mark in the crypto world and will soon become a leading solution provider with respect to crypto tax. Through its user-friendly interface and exceptional customer support, the startup has been witnessing a 500% YOY increase in user base and revenue while also processing over $5 billion in crypto transactions.