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Saturday, August 18, 2018
500 Startups’ First Blockchain Accelerator Joined by Blockpit
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500 Startups’ First Blockchain Accelerator Joined by Blockpit

Blockpit the Australian company has been accepted among six companies into the world’s leading accelerator 500 Startups as a part of their first ever blockchain batch. It gives automated cryptocurrency tax reporting and seamless portfolio monitoring.

500 Startups is zooming in on those projects where during the current time traditional venture capital firms continue to add blockchain and cryptocurrency projects to their portfolio. The accelerator has taken on blockchain startups for an extensive summer program and one of these startups is Blockpit. Something like this has been done for the first time.

The flights have been already booked by the teams and they are extremely enthusiastic to go overseas and take full advantage of the accelerator’s offerings. Apart from the primary work, they will also be going to exclusive mentoring classes and multiple networking events.  One of the stops will be Blockshow Las Vegas which is one of the largest blockchain conferences in the US.

Getting into  500 Startups is much tougher than getting into Harvard as the acceptance rate is of about three percent for their regular batches. The entry process included Blockpit to go through a rigorous screening process.

A venture partner at 500 Startups, Rob Neivert stated:

“There’s a real need for crypto traders to pay their taxes, but it’s almost impossible to do it now. When I saw that Blockpit had a reasonable solution for government-approved tax reporting that was already live, it was a great reason for me to get them into the program and help them advance”

This brings Blockpit one step closer to its vision to set an international standard for automated crypto tax reporting. New opportunities arise for Blockpit in the US markets after being backed by  500 Startups’ vast network. previously Blockpit successfully took part in the Big Four auditing firm, KPMG’s Smart Start Accelerator. Currently, they are partnering with Austria’s Federal Ministry of Finance to integrate Blockpits’ services into state-official tax reporting tools.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.