Crypto tracking startup Binocs raises $4 million in funding led by Beenext

Cryptocurrency taxation and Web3 portfolio tracking startup Binocs said on Thursday that it has raised $4 million in funding led by Beenext, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.

Binocs, which is planning to launch its platform in the US, UK, South Africa, and Australia, will use the funds towards the expansion of its product, engineering, growth and marketing teams.

The startup was founded in July this year by Tonmoy Shingal, cofounder of Mettl and Pankaj Garg, cofounder of Plabro Networks and former executive of Google and American Express.


“At a time when various regulations around crypto tax are causing apprehension amongst crypto investors, we want to leverage our state-of-the-art technology platform to ease the crypto taxation journey for investors.”

Crypto is a Web3 currency but has to comply with a Web2 world of accounting principles and compliance and we are working to bridge this gap, he added.

Binocs enables crypto investors to simplify their accounting and aggregates various Web3-based investments such as NFTs, DeFi protocols, and smart contracts. The startup claims to help investors monitor their portfolios across over 300 exchanges, 50 wallets, NFTs, and smart contracts.

Beenext investor Anirudh Garg said as the Web3 world grows, crypto-native organisations will need solutions like those provided by Binocs to help them with compliance, accounting, and bookkeeping.

“Currently, 20 countries have tax regulations and compliances in place for cryptocurrency and there are another 50 that will implement such policies in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on," Garg said.

Bala Srinivasa, managing director of Arkam Ventures said, “We are delighted to back a world-class team at Binocs led by Tonmoy and Pankaj. It's early days in the Web3 space and we believe Binocs has a unique opportunity to build a dominant accounting, tax, and compliance platform for consumers and enterprises.”