Already classified every bit a unicorn startup, United states-based cryptocurrency tax software developer TaxBit now has a valuation of more than than $1.3 billion later on a recent funding round.

Co-ordinate to a Thursday announcement, IVP and Insight Partners led a $130 Series B funding round for TaxBit with participation from Bitcoin balderdash Anthony "Pomp" Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures and Madrona Venture Grouping. The company said it planned to apply the funds — which bring its valuation to $1.33 billion — to calibration its tax and bookkeeping offerings organization as well as open up new offices in the U.s. and the United kingdom of great britain and northern ireland.

The investment comes v months afterwards the company raised $100 million in a Series A round, which it said would exist used to fund its expansion into the United Kingdom. This yr, TaxBit launched an office in Seattle and plans to provide crypto-related information assay and tax adding support for taxpayers through the Internal Acquirement Service, or IRS.

TaxBit CEO Austin Woodward spoke on Pomp'south YouTube aqueduct today, maxim that the visitor had anticipated additional crypto tax reporting requirements from the U.South. authorities, such as those in the $one.2 trillion bill that passed the U.S. Senate this week. According to Woodward, crypto taxes were "the number one topic debated and discussed," as several U.Due south. senators proposed amendments modifying the language regarding crypto brokers in the bill.

Related: IRS will seize your crypto if you can't pay back taxes

Launched in 2018, TaxBit is designed to automate aspects of crypto tax compliance for enterprises, consumers and governments. The visitor accomplished unicorn status this year — a valuation of at to the lowest degree $i billion — and has partnered with many firms treatment digital assets, including major crypto substitution Gemini.

"We are living in a fourth dimension where everything is going digital, including traditional assets," said Woodward. "As we've congenital and deployed modern tax and accounting software tailored to digital assets, it'south become clear that legacy tax data reporting solutions are built on antiquated engineering that provides a poor client experience."