Crypto taxation platform TaxNodes raises $1.6 Mn in seed round

TaxNodes, a crypto tax computation and ITR filing platform, has raised $1.6 million in a seed funding round from Rahul Pagidipati, CEO of ZebPay and Nischal Shetty, CEO of Shardeum and Founder of WazirX, Ashish Singhal, co-founder & CEO of CoinSwitch and Ajeet Khurana, founder of Reflexical. 

The funds will be used to simplify tax computation, and provide end-to-end solutions for individuals navigating the complexities of crypto taxation, TaxNodes said in a press release.

The firm is developing an AI-assisted tax advisory model for individuals and corporations to provide control and compliance using GPT-like Large Language Model. Since its inception, TaxNodes claims to have witnessed a 5-folds month-on-month spike in its customer base. 

Additionally, TaxNodes has recently announced partnerships with crypto exchanges like ZebPay, WazirX and Giottus and is focused on helping crypto users to comply with tax laws. 

The platform is also working towards helping crypto exchanges increase their internal controls and automate reconciliation and accounting.