TaxBit, a tax and accounting software provider for the tokenized economy, announced Tuesday the opening a new government-focused office in Washington, D.C. New talent tied to the office include government tech, tax and compliance experts as part of the company’s investment into the public sector. The new office comes after TaxBit’s $130 million Series B funding round which raised its valuation to $1.32 billion as of last August.
Co-headquartered in Utah and Seattle, the company helps those with digital assets file taxes, manage portfolios and make tax-saving trades. TaxBit offers its software to enterprises, consumers and government entities alike.
Last year, the IRS selected TaxBit as a subcontractor to provide data analysis and tax calculation to taxpayers with crypto assets. The partnership has continued into this year.
“We are excited to announce the expansion of our U.S. presence to Washington, D.C., as it will help the Hill, IRS, and the American public further progress mainstream digital asset adoption,” TaxBit CEO Austin Woodward said in a statement. “We’re delighted to welcome these government sales, policy, and compliance heavy hitters to our team.”
Those heavy hitters include Nathan Jones, SVP and GM of worldwide public sector sales and government affairs; Miles Fuller, head of government solutions, and Christi Muoneke, as corporate general counsel. Each new hire has extensive experience within organizations like the IRS, Red Hat, Meta, DocuSign and Microsoft. TaxBit also lists 26 open positions with Built In, most of them tied to its Seattle office. The company also currently lists six open roles based in D.C. on the careers page of its website.
TaxBit’s choice to invest more heavily in the public sector comes after the Biden administration’s $1.2 trillion Infrastructure Investment and Jobs Act, which will increase the reporting requirements for cryptocurrency investments starting in 2023.
The new legislation was bemoaned by many in the crypto industry as lacking clarity and stifling innovation. In fact, last year the Blockchain Association raised $4 million in its push for clearer crypto policy. The bill was ultimately approved by Congress and signed into law without proposed changes to the crypto provision.