Xbooks Secures €1 Million Investment from Primo Ventures to Revolutionize Crypto Tax Management – Fintech News Europe

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Xbooks, a startup dedicated to simplifying the tax management of cryptocurrencies, has announced securing a €1 million investment from Primo Ventures. The funding, drawn from the Primo Digital, Primo Digital Parallel Italia, and Primo Digital Parallel Sud Italia funds, will be used to accelerate product development, expand the team, and consolidate the presence of its flagship product, CryptoBooks, in the European market, with a focus on Spain, Germany, and France.

As more companies adopt digital assets for payments, the challenge of managing their accounting has grown. Additionally, the rise of Bitcoin and Ethereum ETFs, offering a regulated way to invest in cryptocurrencies, has made digital assets accessible to a broader audience, including institutional investors. According to Xbooks, the European market now accounts for 17.6% of global cryptocurrency transactions, with over 65 million holders managing digital currencies valued at over $1 trillion.

The increasing regulation of the sector has heightened the need for clear tax guidelines, prompting investors to seek reliable, tax-compliant solutions to manage their assets. Unlike traditional financial assets, the complexity of calculating cryptocurrency taxes, compounded by the transferability of digital assets across platforms, requires specialized solutions.

In response, Xbooks has developed CryptoBooks, an innovative software platform that automates transaction tracking, tax calculation, and report generation. CryptoBooks ensures accuracy and compliance with the tax regulations of multiple countries, enabling investors to focus on their strategies without being bogged down by tax complexities. The platform’s standout feature is its adaptability to local tax laws, offering advanced tax optimization solutions that set it apart from competitors.

Federico Pacilli, Founder and President of Xbooks, shared his vision following the investment: “This funding will help us further expand into European markets while solidifying our leadership in Italy. We’re also focused on developing new B2B features and integrating with more APIs. To date, we’ve successfully filed over 3,000 tax returns for our customers, and we’re proud of our partnership with Banca Popolare di Sondrio and other upcoming partnerships.”

Franco Gonella, General Partner and Board Member of Primo Ventures, added: “We saw key elements in Xbooks that led to our investment: a high-quality, experienced team, a proven product in a phase of sales growth, and a clear European development plan. We believe cryptocurrency taxation will become a priority for millions of European citizens and businesses in the coming years.”

With the rise of cryptocurrency adoption and increasing regulatory attention, Xbooks is well-positioned to lead the market in providing efficient, compliant tax solutions for digital assets across Europe.

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