Mumbai : Former ZebPay CEO Avinash Shekhar has announced the launch of his own Web3 startup ‘TaxNodes’ with the mission to transform the way Crypto profitability, taxation and reporting is handled for retail investors as well as exchanges.
Avinash Shekhar is a veteran finance expert and a qualified chartered accountant with more than two decades of experience across Crypto, Telecom, Retail, and Ecommerce. He is the former CEO of ZebPay, India’s oldest and most widely-used crypto asset exchange. Having been a part of the Indian crypto industry since its nascent stages, he has been an early and ardent proponent of crypto regulation, both at home and abroad.
While tax compliance is crucial for the legitimacy and maturity of the crypto ecosystem, retail investors are facing challenges in computing crypto profits and taxation in the current environment. TaxNodes aims to simplify the tax computing process and access individual tax compliance. Additionally focusing to help crypto exchanges to increase their internal controls and automate reconciliation & accounting.
The platform will enable retail investors to automate crypto taxation by bringing all of their crypto transactions across multiple exchanges, P2P, private wallets and different blockchains under one roof. TaxNodes focuses on ensuring the completeness of data and its integrity through near real-time profit/loss computation, portfolio tracking, dashboards and analysis. The platform plans to offer tax planning and year-end tax reports through which users can file their returns. The company is working towards increasing internal controls and adherence to compliances related to taxation and regulations in the Crypto and Web 3 space.
Maintaining the quality of financial statements, audit, crypto reconciliations, protection of customer funds, compliance to KYC & AML, transparency in reporting can often become tedious and cumbersome for crypto exchanges. TaxNodes is addressing these challenges by providing solutions to exchanges around crypto reconciliation and automation of crypto accounting and integration with traditional accounting systems. Additionally, TaxNodes will help government regulators to increase the ability to ensure tax and other compliance from crypto users and exchanges by providing audit tools, thereby making the entire process efficient and seamless.
Avinash Shekhar, Founder & CEO, TaxNodes said, “I am really excited to embark on my entrepreneurial journey with the launch of TaxNodes. While the crypto industry has witnessed rapid growth in India, investors have been feeling overwhelmed due to lack of clarity on the taxes levied on their investments. A majority of them are facing challenges while calculating taxes on their investments. TaxNodes aims to address these challenges by identifying and offering end-to-end solutions to pain-points through comprehensive auditing tools to all stakeholders in the crypto ecosystem.”
TaxNodes is led by a strong team of professionals with deep domain knowledge and combined industry experience of over 40 years. The platform is building solutions for individuals as well as institutions by continuously syncing innovative chains, platforms, CEXs, coins, DeFi and asset classes that are emerging everyday.