Among just six companies, the Austrian company has been accepted into the world’s leading accelerator 500 Startups as part of their first ever blockchain batch. Blockpit provides automated cryptocurrency tax reporting and seamless portfolio monitoring.
As traditional venture capital firms continue to add blockchain and cryptocurrency projects to their portfolio, 500 Startups is zooming in on those projects as well. For the first time, the accelerator has taken on blockchain startups for an extensive summer program. One of them: Blockpit. The team have already booked their flights and are excited to go overseas to take full advantage of the accelerator’s offerings. While being on-site in Silicon Valley they will visit exclusive mentoring classes and multiple networking events. Their stops will also include Blockshow Las Vegas, one of the biggest blockchain conferences in the US.
Blockpit strengthens global outreach
With acceptance rates of about three percent for their regular batches, 500 Startups is harder to get into than Harvard. Before being taken on, Blockpit was subject to a thorough due diligence screening. “There’s a real need for crypto traders to pay their taxes, but it’s almost impossible to do it now. When I saw that Blockpit had a reasonable solution for government-approved tax reporting that was already live, it was a great reason for me to get them into the program and help them advance”, says Rob Neivert, venture partner at 500 Startups.
This is one step further in Blockpit’s vision to set an international standard for automated crypto tax reporting. Backed by 500 Startups’ vast network, new opportunities arise to tap the US market. In the past, Blockpit has successfully taken part in Big Four auditing firm KPMG’s Smart Start Accelerator. At the moment, they are partnering with Austria’s Federal Ministry of Finance to integrate Blockpits’ services into state-official tax reporting tools. This should act as a blueprint for governments all over the world to adopt innovative technologies.
500 Startups alumni include Twilio, Ripple and 9GAG
Being admitted to 500 Startups, Blockpit joins the ranks of notable companies like Ripple, a global blockchain payment solution, listed cloud communications platform Twilio (NYSE: TWLO) and social media website 9GAG. The total investment portfolio spans over 2,000 startups in 60+ countries, including successful projects like GitLab, SendGrid (NASDAQ: SEND) and Wildfire. While on the road for blockchain conferences throughout Asia, Blockpit CEO Florian Wimmer has already had the chance to visit 500 Startups’ branches in Seoul and Bangkok. A chat with the head of 500’s South Korea fund, Tim Chae, has left him even more impressed about the extensive opportunities the venture capital firm and its accelerator can offer for Blockpit. Currently, the company is conducting a three million Euro private sale of its TAX utility token.
Blockpit is a seamless, automated web-based and mobile cryptocurrency tax reporting and portfolio monitoring application. Blockpit uses APIs of numerous exchanges such as Binance, Coinbase, Poloniex, Kraken and many more to link them up with its services. The vision is to allow Blockpit users to automatically combine all their trades, wallets, mining rewards and other incomes such as airdrops into one dashboard. The dashboard provides a clear overview on what was realized in gains to report to tax authorities. Blockpit also allows its dashboard users to generate tax reports which can be legally approved by one of Blockpit’s partners.
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