Start-up Showcase

Binocs – Easy Crypto Taxes & Portfolio Tracking

by Ross Bose

Introduction to Binocs

Binocs is a technology-driven platform that aims to simplify crypto taxes and portfolio tracking for users in India and globally. With the rapid growth of the crypto market in India and the increasing complexity of crypto transactions, it identified an opportunity to provide a user-friendly solution that ensures compliance with tax regulations and enables users to easily manage their portfolios.

Current Challenges in the Crypto Market

Lack of clarity and understanding of crypto tax regulations:

Many individuals are apprehensive about investing in cryptocurrencies due to the lack of information and clarity around tax regulations. This leads to confusion and potential non-compliance issues.

Complex crypto transactions:

Crypto transactions can involve various types of activities, such as buying, selling, staking, lending, and receiving crypto. Calculating profits and losses accurately and determining the tax implications for each transaction can be challenging and time-consuming.

Integration with multiple exchanges and chains:

Users often hold crypto assets across different exchanges and chains, making it difficult to consolidate and track their portfolios effectively. Integrating data from various sources is crucial to provide comprehensive portfolio tracking and accurate tax reporting.

Crypto Tax Solutions by Binocs:

Binocs developed a web application that simplifies crypto taxes and portfolio tracking for users. The platform offers the following features and solutions:

Integration with exchanges and chains:

Binocs supports a wide range of exchanges, chains, and custodians. Users can connect their accounts and consolidate their portfolio data from different sources seamlessly. The platform has an entire team dedicated to normalizing data and supporting integration with various exchanges.

Comprehensive tax reports:

The platform provides tax reports tailored to the regulations of different countries, including India, the US, the UK, Australia, and South Africa. By integrating user data and applying sophisticated algorithms, the platform automatically generates accurate tax reports, taking into account various transaction types and tax rules.

Simplified user experience:

Binocs aims to simplify the crypto tax process for users. Once users connect their exchanges and provide the necessary input data, the platform handles the calculations and generates reports automatically. This allows users to focus on their investments while leaving the tax calculations and reporting to Binocs.

Free portfolio tracking and tax summaries:

Binocs offers portfolio tracking features that display the invested value, portfolio value, gain and loss, and capital gains and losses breakup. Users can download tax reports and TDS (Tax Deducted at Source) reports directly from the platform. Moreover, it provides these services free of cost.

User support and consultation by Binocs:

It ensures a high level of customer support through a chat feature available 24/7. The platform also offers one-on-one calls with frequent customers to address their queries and provide personalized assistance. Additionally, the platform has in-house tax experts who can provide end-to-end services, including assistance with filing income tax returns (ITR).

Results and Impact:

Binocs has successfully addressed the challenges faced by crypto investors in managing their taxes and portfolios. The platform has achieved the following outcomes:

Binocs Simplifying tax compliance:

Binocs has made it easier for users to comply with tax regulations by automating the calculation of profits and losses and generating accurate tax reports. Users can confidently file their income tax returns with the information provided by Binocs, reducing the risk of non-compliance.

Increased user confidence and adoption:

By providing a user-friendly interface and comprehensive features, Binocs has instilled confidence in crypto investors, encouraging them to participate in the market. The platform’s commitment to staying updated with the latest regulations and supporting a wide range of exchanges and chains has attracted a growing user base.

Industry recognition and differentiation:

Binocs has conducted extensive market research and identified gaps in the offerings of its competitors. By addressing the specific needs of Indian users and supporting Indian exchanges, Binocs has positioned itself as a leading platform for crypto tax and portfolio tracking in India. The platform’s focus on continuous improvement and user feedback ensures its competitive advantage in the market.

Future Plans for Binocs:

Binocs has ambitious plans for the future to further enhance its services and support for crypto users:

Expansion to global markets:

While Binocs initially focused on the Indian market, the platform aims to expand its presence globally. By building a strong foundation in India and gaining expertise in supporting Indian regulations, it intends to cater to the tax and portfolio tracking requirements of investors in other countries.

Integration with additional exchanges and chains:

Binocs plans to continuously integrate new exchanges and chains into its platform. This will enable users to consolidate their portfolios from a wide range of sources, providing a comprehensive view of their crypto investments.

Support for DeFi protocols and emerging trends:

Binocs acknowledges the importance of staying updated with the latest trends and developments in the crypto industry. The platform is committed to simplifying taxation for emerging areas such as staking, lending, liquidity protocols, and non-fungible tokens (NFTs). By understanding and adapting to these protocols, Binocs aims to provide accurate tax reporting and portfolio tracking for all types of crypto transactions.

Binocs: Revolutionizing Crypto Taxation and Portfolio Tracking

Binocs has positioned itself as a leading platform for simplifying crypto taxes and portfolio tracking in India. By leveraging technology, integrating with multiple exchanges, and providing comprehensive tax reports, Binocs has simplified the crypto tax journey for users. With a vision to become a ubiquitous name in the global crypto tax and accounting space, Binocs continues to innovate and adapt to the evolving needs of crypto investors worldwide.