Xbooks S.r.l., a startup operating in the fiscal management of cryptocurrencies and digital assets, receives a €1 million investment from Primo Ventures SGR S.p.A.

25 set 2024 CryptoBooks, Press Release

Milan, Sept. 25, 2024 - Xbooks S.r.l., an innovative startup simplifying tax management of cryptocurrencies, closes a €1 million investment round led by Primo Ventures SGR S.p.A., through its Primo Digital, Primo Digital Parallel Italia and Primo Digital Parallel Sud Italia funds.

The funds raised will be used to accelerate product development, expand the team and consolidate the presence of CryptoBooks, XBooks first product in the European market, starting with Spain, Germany and France.

More and more companies are adopting digital assets as a method of payment for the sale of their goods and services, making the problem of accounting for them increasingly acute. In addition, the emergence of ETFs on Bitcoin and Ethereum, which offers a safe and regulated way to invest in cryptocurrencies, is making them accessible to an increasingly broad audience, including institutional investors. The European market accounts for 17.6 percent of global cryptocurrency transactions and has more than 65 million holders holding digital currencies worth $1 trillion. In this regard, authorities are gradually recognizing the need to establish clear guidelines for taxation of this type of asset to provide clarity and security for investors and market participants. Increasing industry regulation and wider adoption are driving investors to seek reliable solutions to manage their assets in a transparent and tax-compliant manner.

The transferability of cryptocurrencies between different sources and the level of innovativeness inherent in digital assets mean that there is more complexity involved than simply calculating capital gains taxes, usually performed on online broker platforms for traditional financial assets. In the near future, it is reasonable to assume that businesses and individuals will require specialized tax advisory services and advanced accounting solutions to ensure the proper closing of their financial statements and compliance with current regulations.

This is the background to CryptoBooks, an innovative software that automates transaction tracking, tax calculation and tax report generation, ensuring maximum accuracy and compliance with different countries' legislations. The mission of CryptoBooks is to simplify the tax complexity of cryptocurrencies by ensuring the accuracy of reporting and thus allowing investors to focus on their strategies without worrying about the bureaucratic aspects. Unlike other competitors in the market, the platform is designed to support different countries' regulations, adapting to local tax laws and offering advanced tax optimization features.

Federico Pacilli, founder and president of the company, comments, “With this investment, we aim to develop other European markets while strengthening our leadership in Italy. We are also focused on developing new B2B features and integrating with more and more APIs. To date, we have successfully sent more than 3,000 statements for our clients, and we are proud to have established a partnership with Banca Popolare di Sondrio and other partners that we will communicate in the coming months.”

“We found in Xbooks some important elements that led us to the investment: a team of remarkable quality and experience, a product that is already tested and growing in sales, and a clear development plan at the European level. We are convinced that cryptocurrency taxation will be a priority for millions of European citizens and many companies in the coming years,” adds Franco Gonella, General Partner and Board Member of Primo Ventures SGR S.p.A.

XBooks offers a range of advanced features, including a tracking system, which allows users to retrieve transaction history by linking all platforms on which they have traded in cryptocurrency. The software analyzes all tax-relevant movements in detail, facilitating tax calculations and the generation of tax reports, such as those on stocks, capital gains and reconciled transactions. The platform also offers its clients Crypto Accounting services: these are specialized cryptocurrency accounting consultancies that use the double-entry method to minimize errors and achieve the highest levels of accuracy. In addition to tracking digital assets, the software provides tools for tax optimization, such as offsetting capital losses against capital gains and a sales simulator. In addition, Portfolio Tracking functionality is available on CryptoBooks, a tool that enables real-time monitoring of the current performance of cryptocurrency investments, analyzing market data and optimizing investment strategies.

The deal was also concluded thanks to the ADVANT Nctm law firm team, led by Attorney Eleonora Parrocchetti, and the Crowe Bompani Advisory team, led by Partner Lorenzo Barra, for advisory and valuation services for the company.

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