Xbooks startup that simplifies the fiscal management of cryptocurrencies, gets a EUR 1 million investment from Primo Ventures through the Primo Digital, Primo Digital Parallel Italia and Primo Digital Parallel Sud Italia funds.
The funds raised will be used to accelerate product development, expand the team and consolidate the presence of its CryptoBooks product on the European market, starting with Spain, Germany and France.
More and more companies are adopting digital assets as a method of payment for the sale of their goods and services, making the issue of accounting for them increasingly important. In addition, the emergence of Bitcoin and Ethereum ETFs, which offer a safe and regulated way to invest in cryptocurrencies, is making them accessible to an increasingly wide audience, including institutional investors. The European market accounts for 17.6 per cent of global cryptocurrency transactions and has over 65 million holders holding digital currencies with a value of $1 trillion, the company said in a note.
Competent authorities are gradually recognising the need to establish clear guidelines for the taxation of this type of asset in order to provide clarity and security for investors and market participants. Increasing regulation of the sector and wider adoption are driving investors to seek reliable solutions to manage their assets in a transparent and tax-compliant manner.
The transferability of cryptocurrencies between different sources and the level of innovativeness inherent in digital assets entail more complexity than the simple capital gains tax calculation usually performed on online broker platforms for traditional financial assets. In the near future, it is reasonable to assume that companies and individuals will increasingly require specialised tax advisory services and advanced accounting solutions to ensure the proper closing of their financial statements and compliance with regulations.
It is in this context that CryptoBooks was born, an innovative software that automates transaction tracking, tax calculation and tax report generation, ensuring maximum accuracy and compliance with the laws of different countries. CryptoBooks’ mission is to simplify the tax complexity of cryptocurrencies by ensuring accurate reporting and allowing investors to focus on their strategies without worrying about bureaucracy. Unlike other competitors in the market, the platform is designed to support different countries’ regulations, adapting to local tax laws and offering advanced tax optimisation features.
Federico Pacilli, founder and president of the company, comments in the note: ‘With this investment, we aim to develop other European markets, while strengthening our leadership in Italy. We are also focused on the development of new B2B functionalities and integration with an increasing number of APIs. To date, we have successfully sent more than three thousand tax returns for our customers, and we are proud to have established a partnership with Banca Popolare di Sondrio and other partners that we will be announcing in the coming months’.
“We found in Xbooks some important elements that led us to the investment: a team of remarkable quality and experience, a product that has already been tested and is growing in sales, and a clear development plan at European level. We are convinced that cryptocurrency will be a priority for millions of European citizens and many companies in the coming years,’ adds Franco Gonella, general partner and board member of Primo Ventures. (photo by Traxer on Unsplash)
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