As an experienced crypto-trader, our CEO Florian Wimmer was facing a challenge: "If you make hundreds to thousands of transactions across numerous exchange platforms and wallets, you quickly lose track of things. At some point I was no longer able to consistently reconstruct everything."
Florian is not the only one with this problem. Millions of people around the world now trade in cryptocurrencies. A gapless record is important for them all, because profits from crypto trading are taxable in most jurisdictions not only when coins or tokens are exchanged into Dollars, Euros and the like. If one cryptocurrency is exchanged for another, that too is a tax-relevant event. In Austria, a penalty for tax evasion can be imposed retroactively for up to ten years.
Because no solution yet existed, Florian teamed up with CTO Mathias Maier as well as further seasoned crypto and tax experts to develop a web and mobile app that displays all transactions automatically, concisely and in real time. In addition, the application provides a full report that can be used for income tax declarations. Blockpit also offers the option of having the report approved by a licensed tax consultant from our worldwide network of partners.
"Our goal is to be the first company to set a European standard for tax reports on cryptocurrencies" Florian explains Blockpit's vision. In the future, one click of a button should be enough to eliminate the risk of financial fraud.
Blockpit was founded in September 2017 by Florian Wimmer, Mathias Maier, Gerd Karlhuber, Patric Stadlbauer and Gert Weidinger. An open beta version of the platform is currently available and is already in use by thousands of people. The first full version is scheduled to go online in early 2019.
In the third quarter of 2018, we intend to raise 12.5 million Euros in a tokensale to finance further development of the tool and its rapid establishment on the European market.
Founders Mathias Maier, Gert Weidinger, Gerd Karlhuber, Patric Stadlbauer and Florian Wimmer (left to right)
Image by Frederic Köberl