Austrian Bank Raiffeisen Bank Invests Millions of Euros in Crypto Tax Firm Blockpit

On March 19th, Austrian bank Raiffeisen Bank International (RBI) invested millions of euros in Austrian startup Blockpit, which focuses on cryptocurrency tax. Blockpit, headquartered in Linz and led by CEO Florian Wimmer, recently announced its profitability by 2024, making it an attractive target for investors seeking to profit from the growing demand for compliant cryptocurrency services. The investment amount from RBI and Blockpit's valuation have not been disclosed.

This transaction marks Elevator Ventures' first foray into the field of cryptocurrency startups. Through this investment, Elevator Ventures hopes to support Blockpit in further expanding its services, which have already been successfully launched in ten countries. Blockpit will use this investment to expand into new European markets, especially in Eastern Europe. The company will also develop tools to prove the source of funds for bank withdrawals and transfers on cryptocurrency exchanges.

Founded in 2017, Blockpit currently has 30 employees. In 2021, the company raised $10 million in a Series A funding round led by MiddleGame Ventures. In November 2023, following its merger with German competitor CryptoTax in 2020, Blockpit also acquired Swiss competitor Accointing for millions of euros.