Austrian blockchain-regtech startup Blockpit develops software for portfolio tracking, calculating taxes, and the compliant reporting of transactions for cryptocurrencies and crypto-assets. Its customers include private individuals as well as institutions such as banks and tax authorities.
Members of the European Super Angels Club first invested in the blockchain-regtech Blockpit in July 2018 and have now doubled down on their investment with a further round of investment following the continued positive development of the business.
Berthold Baurek-Karlic, the founder of Venionaire Capital and President of the European Super Angels Club, sees blockchain-regtech as a “painkiller” for the financial industry, stressing the high demand for such solutions in this sector.
“Several global banks have been sentenced to heavy fines in recent years for failing to comply on time with anti-money laundering regulations such as AML4,” said Baurek-Karlic. Blockpit provides the proof of origin for crypto transactions and the necessary transparency when profits from these trades are exchanged into other currencies or transferred back to your bank account. The solution also calculates whether and to what extent a possible tax liability exists.”
Part of the deal was an additional purchase of security tokens (TAX tokens) by the club’s members. Blockpit’s TAX token is the first security token issued in Austria under Austrian law and guarantees investors the right to a share of the future revenue. Thanks to this new form of financing, Blockpit was able to collect more than €2.5 million in less than four months.
“The combination of different forms of financing is ideal for our further growth,” explained Florian Wimmer, CEO and co-founder of Blockpit. “It provides us with the necessary liquidity and enables us to retain higher shares in our company. The aim of the financing round is to raise €5 million by the end of the year. We have already achieved half of this figure faster than planned.”