The round was led by Paradigm and Tiger Global with additional participation from PayPal Ventures, Coinbase Ventures, Winklevoss Capital, world-renowned investor Bill Ackman, Qualtrics co-founder and chairman Ryan Smith, Anthony Pompliano, former Venmo COO Michael Vaughan, Galaxy Digital, Valar Ventures, Collaborative, Global Founders Capital, Album Ventures, TTV Capital, Original Capital, and more.

TaxBit was founded by CPAs, tax attorneys, and software developers in order to enable widespread cryptocurrency adoption by automating the regulatory hurdle of tax and accounting compliance. TaxBit is located in Salt Lake City, UT.