Blockchain Startup raises $ 24.8 million to bring tax audit to cryptographic assets

Libra, a financial reporting services provider for the Cryptographic Asset Ecosystem, completed a $ 15 million Series B round of financing, raising the company's total funding to $ 24.8 million.

The funding is positive for financial institutions interested in the expansion of cryptocurrency, Libra having been able to apply the type of reporting tools used by these institutions in the cryptocurrency sector. Libra specializes in transforming encrypted transactional data into auditable information for financial institutions.

The scale reaches a reference point
"Libra's mission is to provide a registration system that allows institutions with encrypted transactions to meet the reporting requirements of managers, investors, auditors and regulators," said Jake Benson, founder and CEO of Libra.

Investor engagement will enable Libra to expand its customer offerings, strengthen its team and strengthen its customer base, "said Mr. Benson.

The company will use its funding to support the development of its Libra Crypto Office platform, in addition to new products to be launched later this year.

The Libra service automates auditing, accounting and tax processes for stock exchanges, trading, funds, fund administrators and businesses.

Expansion into new markets
The capital injection will support the company's expansion into new markets such as depositories, miners and lenders, while supporting its prospects for continued growth.

The new round was led by Libra's former lead investor, with the continued participation of Liberty City Ventures.

Libra's Bitcoin Tax Accounting Service, LibraTax, helps CPA and businesses conduct cryptocurrency transactions. In 2014, the IRS reported that cryptocurrency is taxable as a property rather than currency and is classified as a capital tax.