~ BearTax is a crypto taxation tool that integrates with 50+ exchanges via API and CSV, making it easy to import trades from anywhere in the crypto world seamlessly.
~ Acquired by a veteran of Avalara- Tela Andrews in September 2021, BearTax is gearing up their expertise and innovation to become the bridge connecting regulatory bodies, exchanges, and individual investors.
~ Calculating the gain & loss from trading volatile digital assets is daunting. With BearTax, you can calculate and file taxes confidently, on the go.
October 2021: Cryptocurrency has become a worldwide buzz. With new digital currencies and DeFi products being developed every day, we’re seeing mass crypto adoption across the globe, changing the traditional financial landscape forever.
However, there’s one aspect of dealing with crypto that gets everyone on an edge - the tax implications. When crypto taxes became a policy in the United States for the first time in 2018, like every other crypto investor, Vamshi Vangapally spent countless hours putting together his trade data, learning tax laws to identify which trades were taxable, and then working out gains and losses for filing tax forms - it was a tedious process!
Experiencing the pain of crypto taxes first-hand, Vamshi got together with his friends and developed a crypto taxation tool BearTax, that integrates with 50+ exchanges via API and CSV. The platform now allows investors to easily import data from anywhere in the crypto world and calculate their taxes within minutes.
However, an ever-evolving technology that’s growing with the speed of lightning, calls for reshaping regulation. Government bodies not only have to keep up their pace with the developments but also build frameworks to regulate them. This leaves crypto investors and exchanges in a constant state of seeking a ‘defined clarity’ on crypto taxation, and reporting requirements respectively.
“We wanted to take BearTax to the next level by becoming the bridge between regulatory bodies, exchanges, and individual investors to really level up the crypto tax experience globally. We needed a new plan and an experienced leader in the market. So we listed BearTax on MicroAcquire, a marketplace for selling software businesses, where we met with Tela”, said Vamshi Vangapally.
On September 30th, 2021, BearTax Inc was acquired by Tela Andrews, a veteran of leading sales tax software company Avalara. "BearTax had the audacity to build a product and business in the early days of clarity on crypto taxation in the U.S. I have the deepest admiration for what the team has built, and I'm excited to take BearTax into the future. We have growth plans that are even more ambitious and audacious than when BearTax was founded.” said Tela Andrews, BearTax's new CEO and majority owner.
As a senior product manager at Avalara, Andrews led the flagship ‘US sales tax product’ through international expansion to support the EU, Brazil, and Indian markets, eventually setting the business on a path for their 2018 IPO.
When asked about the crypto tax nightmare faced by crypto investors, Tela Andrews said, “Blockchain technology and digital assets are the future of our global economy. New regulations are being developed, reshaping the industry, and BearTax is getting equipped to play its part in this revolution. Solving taxes on DeFi products and cryptocurrencies will accelerate their adoption, creating tremendous value across the economy.”
Andrews sees immense potential in BearTax and is all set to take his entrepreneurial journey to the next level by building a better connected and productive tax experience for investors across the globe.
"We've already assembled a team of executives, engineers, and growth professionals who know how to build world-class businesses and positive cultures. We have a huge new market, the team to win, and the experience to execute," added Andrews.
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About BearTax: BearTax serves thousands of customers in the U.S. and around the world. Founded in Atlanta, Georgia, it is now a remote-first, global-first software company with a nexus of talent in the U.S., the U.K., Pakistan, and India.
BearTax consolidates your crypto trades from various exchanges, wallets, and blockchain platforms to identify taxable trades and calculate your capital gains for tax purposes. All this for free.
Email: tela@bear.tax
Contact Number: 360-440-7188
HQ Address: 1220 Woodmore Way
Alpharetta, GA 30004
