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Kryptos, a leading provider of simplified global crypto tax compliance software, is pleased to announce strategic investments from Binance Labs and Gate Labs. These investments signal a strong vote of confidence in Kryptos's innovative solutions and its mission to simplify crypto tax compliance for individuals, professionals, and enterprises worldwide.

As global crypto adoption continues to rise, the need for specialized taxation tools becomes increasingly evident. According to a 2022 Fidelity report, 58% of institutional investors globally have an active crypto footprint, while 82% of high-net-worth individuals have invested in crypto assets, underlining the growing interest in digital assets. Additionally, Crypto.com reports a remarkable 39% increase in global cryptocurrency owners, reaching 425 million by December 2022. Against this backdrop, the importance of compliance with evolving tax requirements, such as DAC8, CARF, MiCA, and others, cannot be overstated. The tax tool market holds immense potential driven by the growing demand for streamlined tax reporting and the increasing regulatory pressures.

Kryptos, with its comprehensive suite of solutions including accounting, portfolio management, and tax reporting, is uniquely positioned to address the critical need for accurate and efficient tax reporting in the crypto ecosystem. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos offers a one-stop-shop solution for all Web3 finance needs.

The investments from Binance Labs, a renowned incubator and supporter of blockchain projects, and Gate Labs further solidify Kryptos's position in the industry. This comes after Kryptos's selection in the Binance Labs Incubation Program in November 2022, which showcased their exceptional potential to transform the crypto tax compliance landscape.

"We are thrilled to have the support of Binance Labs and Gate Labs," said Sukesh Tedla, CEO of Kryptos. "Their investments not only validate the value of our solutions but also enable us to further enhance our platform and expand our reach. With their expertise and backing, we are confident in our ability to simplify crypto tax compliance and drive the adoption of our platform globally."

"Kryptos's commitment to simplifying crypto tax compliance with its user-friendly approach solves a pain point and removes manual compliance duties,” said Alex Odagiu, Investment Director at Binance Labs. "Through our investment, we aim to support Kryptos in their mission and contribute to the growth and adoption of blockchain technology."

"GateLabs is proud to announce an investment partnership with Kryptos. We believe that Kryptos's simplified global crypto tax compliance software will revolutionize the way individuals and enterprises manage their crypto finances, said Investment director at Gate Labs. We are proud to be part of their journey and look forward to their continued success."

About Kryptos

Kryptos simplifies Web3 finance for clients globally with a comprehensive suite of solutions that include accounting, portfolio management, and tax reporting. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos is the one-stop-shop for all Web3 finance needs.

With the strategic investments from Binance Labs and Gate Labs, Kryptos is poised for accelerated growth and expanded market reach. The company remains committed to its mission of simplifying crypto tax compliance and delivering exceptional value to its global user base.

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All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!