Business 9 August 2018Dennis Wafula
Crypto tax software startup Libra raises $15M in Series B funding
Blockchain startup Libra has raised an extra $15 million in its latest funding round. According to the company, which provides middle and back office technology as well as data services for the crypto asset ecosystem, the Series B funding round was led by an unnamed multi-million dollar European family who also participated in the Series A funding, along with other investors like Liberty City Ventures.
Libra’s new funding will help to continue developing the Libra Crypto Office platform and the release of new products and services. The conclusion of Series B funding raises Libra capital to $24.8 million. According to the company, the new funding will facilitate growth and expansion into new customer segments such as lenders, miners, and custodians.
“Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators,” CEO Jake Benson said in a statement, noting that their investors’ “commitment allows us to expand our customer offerings, grow our team and increase our customer base.”
The announcement comes on the heels of the launch of Libra’s new offerings for fund administrators.
Since July, the blockchain startup has been providing fund administrator customers timely information required to support the striking of daily net asset values (NAV). IronChain Investment Trust I and IronChain MiX10 Partners LP, crypto index funds managed by IronChain Capital, were the first two funds to utilize Libra’s capability to support ongoing daily deposits and redemptions.
Libra has been operational since 2014. The company, which is based in New York, provides a system of record that automates and optimizes accounting, audit and tax processes. It also helps fund administrators, exchanges, trade operators and enterprises keep proper accounting records. Libra’s solution helps ensure real-time visibility of cryptocurrency transactions for institutions that need highly scalable and secure reporting, compliance and control solution.
The company has played a crucial role in helping prevent conflicts between regulators and cryptocurrency companies. Currently, crypto institutions can easily submit their taxes with the help of Libra Tax as required by the U.S. Internal Revenue Service.
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