Recap has secured £300,000 in Innovate UK grant funding to develop crypto tax calculation services.

Focused on privacy, it says the collaborative crypto tax and client due diligence platform will be used by accountants and professional services.

Recap has brought together a consortium of industry experts – namely pioneers in the source of fund analytics, Hoptrail, and top UK crypto specialist accountancy firms Andersen LLP and Wright Vigar. 

The collaborative effort will work to strengthen the platform’s ability to streamline and automate the tracking and processing of crypto asset transactions, reduce the arduous tasks of manual data entry and management, and empower customer onboarding with trusted source of fund checks – culminating in the delivery of an efficient and instantaneous solution.

“This grant is a testament to our dedication to innovation and our commitment to addressing the evolving needs of the crypto industry,” said Daniel Howitt, CEO and co-founder of Recap.

“We are immensely proud to lead this project alongside esteemed colleagues and partners Andersen LLP, Wright Vigar and Hoptrail, who bring unparalleled expertise in accountancy, tax services and anti-money laundering compliance, respectively. 

“It’s been a pleasure to assemble this team of ‘Crypto Tax Avengers’ to make the first steps towards revolutionising crypto asset management and providing accountancy firms with the powerful tools they need to best serve their clients.

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“Our goal is to empower accountancy firms – offering cutting-edge technology that provides AML reassurance in the client onboarding process, as well as the necessary tools to deliver value-added proactive tax planning advice in addition to top-tier digital asset taxation support. 

“As HMRC urges crypto holders to disclose gains, now is the perfect time for those accountants and financial service providers looking to expand their digital asset offering to take the next steps. 

“With the support of Innovate UK and our esteemed collaborators, Recap is poised to lead the charge as the go-to solution provider for crypto tax and client due diligence.”

Innovate UK’s grant will fund a 12-month project, already underway – representing a significant investment in Recap’s growth trajectory, with plans for its current team of five to expand significantly with new hires. 

Playing a key role in the expansion of Lincoln’s digital hub, Recap’s ambitious drive to become the go-to provider for cryptocurrency accounting software will also help boost the city’s economic landscape.

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